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Dow Jones Hits 40,000, Chinese Tech Stocks Jump To 15-Month Highs, Bloodbath On Meme Stocks: What's Driving Markets Thursday?

U.S. major stock indices climbed higher on Thursday morning, with the Dow Jones Industrial Average achieving a historic milestone by surpassing 40,000 points. Blue-chip stocks are experiencing their thirteenth positive session out of the last fifteen, extending the bull market that commenced in October to a 24% rally. The S&P 500 and the Nasdaq 100 both inched up by 0.1%, further updating their record highs, driven by soft economic data. See Also: EXCLUSIVE – Andrew Left Disagrees With ‘Dumb Money’ GameStop Storyline ‘As If The Short Sellers Were The Bad Guys’ For the week ending May 11, unemployment benefit claims fell by 10,000 to 222,000, although this remains the third-highest level for the year. Industrial production was flat in April, missing expectations of a 0.1% increase, while manufacturing production dropped by 0.3% from the previous month, also falling short of market forecasts of a 0.1% growth. Treasury yields hold broadly steady, while the U.S. dollar index (DXY) witnessed minor gains, up 0.1%. Chinese stocks continued their positive momentum, with the KraneShares CSI China Internet ETF (NYSE:KWEB), tracking the nation’s tech stocks, up 1.8% and ...