The Dow traded above 45,000 for the first time. It may be time to rethink what makes a milestone.

The Dow Jones Industrial Average ascended to the 45,000 level for the first time Friday but failed to close above that threshold as it extended a 2024 rally that’s driven major benchmarks to a series of records. 

It also underscored the diminished meaning of frequently celebrated 1,000-point milestones as they represent successively less impressive percentage gains.