Dow hits all-time high in broader market rally

The Dow Jones Industrial Average scaled an intraday record high on Friday, playing catch-up with two other main US indexes in recent broad-based market gains.

The blue-chip 30-stock index was up 0.9 per cent 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 per cent, underperforming the broader SP 500 and the tech-heavy Nasdaq Composite, which have advanced 18.2 per cent and 23.1 per cent, 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.