New York CNN  —  The Dow Jones Industrial Average closed above the 40,000 mark Friday for the first time in its 139-year history. The blue-chip index initially crossed the key threshold early Thursday but ended that day lower. Wall Street has been boosted in recent days by renewed hopes of rate cuts from the Federal Reserve that would loosen monetary conditions for consumers and businesses. A report this week from the Bureau of Labor Statistics indicated that inflation has started to ease, potentially paving the way for the central bank to start implementing the rate cut that investors have been expecting since the start of the year. “40,000 is a great milestone, but end of the day there isn’t much difference between 39,999 and 40k,” said Ryan Detrick, chief market strategist at Carson Group, in a note Friday. “Still, this is a great reminder of how far we’ve come. Think about how many people were talking about recessions and bear markets all of last year. Now we are once again back to new highs.” “Investors who were patient and ignored all the scary headlines were once again rewarded, just as they have been throughout history,” he wrote. This is a developing story and will be updated.