The Dow Jones Industrial Average hit the 40,000 milestone for the first time on Thursday, about 19 months after the last time it crossed the 30,000 threshold. Since last passing 30,000 on Oct. 17, 2022, no Dow stock has seen a bigger percentage gain than Caterpillar , which has almost doubled in price. But when it comes to what has moved the Dow the most in that time frame, it is Microsoft that has led the way, pushing the index up more than 1,200 points. Keep in mind that the Dow is a price-weighted index that gives higher-priced stocks more influence. Microsoft, which ended Wednesday at $423.08, has a higher share price than Caterpillar, which last closed at $360.04. The path to 40,000 has been very top-heavy, too. Five of the Dow’s 30 stocks – Microsoft, Caterpillar, Goldman Sachs , Salesforce and American Express – have made up half of the index’s overall gains in the journey from 30,000. Only one stock, Johnson & Johnson , is decisively lower since the Dow last crossed 30,000.
