Stock market today: Dow touches 40,000 as stocks hover at record highs | May 16 Yahoo Finance

US stocks climbed Thursday with the Dow Jones Industrial Average (^DJI) crossing 40,000 for the first time ever as markets added to Wednesday's record-setting rally.
Along with the Dow's push to a new price milestone, the S&P 500 (^GSPC) climbed 0.2% after closing above 5,300 for the first time on Wednesday. The tech-heavy Nasdaq Composite (^IXIC) also gained 0.2%.
Stocks rallied on Wednesday after new data showed signs of cooling inflation, which spurred bets on a Federal Reserve rate cut in September. All three major indexes closed at record highs on Wednesday.
April's tepid consumer inflation reading spread relief through a market bracing for higher-for-longer interest rates. Bets on a Fed rate cut in September rose to over 70%, per the CME FedWatch Tool, amid rising speculation about an easing as soon as July.
Investors also jumped into bonds, sending the 10-year Treasury yield (^TNX) down near one-month lows at around 4.33%.
On the corporate front, Walmart (WMT) posted quarterly profits, revenue, and same-store sales that beat Wall Street estimates. Shares of the US retail giant gained as much as 6%.
Meanwhile, a mystery was solved as Warren Buffett's Berkshire Hathaway (BKR-B) revealed it has taken a $6.7 billion stake in Chubb (CB). The disclosure ended months of suspense over a position kept concealed in regulatory filings. The insurer's shares climbed about 8%.
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