In yet another remarkable display of strength, the stock market sustained its record-setting rally on Thursday, with the Dow Jones Industrial Average inching closer to the much-anticipated 40,000 mark. The day concluded with the Dow recording a gain of nearly 270 points, representing a 0.7 percent increase and positioning it within striking distance of 39,781 points, a major milestone for the market.

The S&P 500 and Nasdaq composite also experienced positive momentum, with both indexes surging by 0.4 percent on Thursday. Spearheading this progress were the technology shares, particularly in the microchip sector.

Despite Apple's stock facing a decline as a result of an ongoing lawsuit by the Justice Department, accusing the tech giant of stifling market competition, the Dow was bolstered by significant gains in the microchip sector. Micron Technology, in particular, soared by a remarkable 14 percent following better-than-expected earnings. Throughout the semiconductor sector, there were strong performances from notable companies, including Taiwan Semiconductor, VanEck Semiconductor ETF, and Marvell Technology, all surging by approximately 2 percent. Furthermore, Nvidia and Intel also recorded a modest increase of 1 percent each.

However, Apple faced a setback, closing the day with a decline of more than 4 percent. Counteracting this sentiment, other tech stocks managed to climb higher. Microsoft observed a notable increase of 1 percent, while Meta (formerly known as Facebook) witnessed a gain of approximately half a percentage point.

This rally on Thursday further reinforces the positive sentiments from the market's performance on Wednesday, when all three major indexes closed at fresh all-time highs. The Federal Reserve's announcement that it expects three interest rate cuts this year, despite keeping borrowing rates unchanged, contributed to the market's upward trajectory.

Investors eagerly await the Dow Jones Industrial Average crossing the historic 40,000 level, as the stock market continues to display resilience and strength amidst various challenges.