The Dow was last up 127 points, or 0.3%. At its high of the day, the average touched 40,0051, the culmination of a bull market that began in October 2022. The index had neared the 40,000 mark earlier this year, before a slight April pullback on worries about high interest rates knocked it back down. The rally was rekindled in May on the back of strong earnings and some soft inflation readings.

The S&P 500 rose 0.3% Thursday to a new record after closing above the 5,300 level for the first time ever on Wednesday. The Nasdaq Composite also gained 0.3% to an all-time high.