Dow hits all-time high in broader market rally
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FILE PHOTO: A screen displays the Dow Jones Industrial Average after the close of trading for the day on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 20, 2024. REUTERS/Brendan McDermid/File Photo
(Reuters) - The Dow Jones Industrial Average scaled an intraday record high on Friday, playing catch-up with two other main U.S. indexes in recent broad-based market gains.
The blue-chip 30-stock index was up 0.9% at 40,094.54 points, surpassing its previous intraday all-time high of 40,077.40 points hit in late May.
So far this year, the Dow has risen 6.4%, underperforming the broader S&P 500 and the tech-heavy Nasdaq Composite, which have advanced 18.2% and 23.1%, respectively, over the same period.
Growth stocks, powered by technology and semiconductors, have led the market higher in 2024, while the more value-oriented Dow has struggled to keep up.
(Reporting by Ankika Biswas in Bengaluru and Stephen Culp in New York; Editing by Shinjini Ganguli)
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