Wall Street advanced into uncharted territory as the Dow Jones Industrial Average topped 40,000 for the first time ever on Thursday, driven by investors thinking that a cooling but stable economy will lead the Federal Reserve to cut interest rates this year.

The Dow hit the historic mark as Walmart jumped 6% after delivering robust first-quarter results, with the index lately up 127 points, or 0.3% at 40,035. 

The S&P 500 and Nasdaq Composite also rose to record heights, up 3% each. 

— This is a developing story.

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