The Dow Jones Industrial Average was on the verge of ending its longest winning streak in 36 years on Thursday, successive gains showing that Wall Street's tech-driven rally is broadening to include a wider chunk of the stock market.
A trader works on the floor of the New York Stock Exchange in New York City, U.S., July 19, 2023. REUTERS/Brendan McDermidwas on the verge of ending its longest winning streak in 36 years on Thursday, successive gains showing that Wall Street's tech-driven rally is broadening to include a wider chunk of the stock market.
The Dow closed higher for 13 straight sessions through Wednesday, its longest series of positive closes since 1987, and was last down 0.5% on Thursday afternoon after gaining earlier in the session., which includes over 500 stocks, is many investment professionals' preferred stock market benchmark, the Dow's daily moves are widely quoted in news media, making it widely recognized by many Americans.
Its recent rally comes as traders widely believe that the U.S. Federal Reserve's 25 basis point rate hike on Wednesday was the last in its campaign to control inflation. Investors are also optimistic the U.S. economy will avoid a recession. The Dow's longest-ever winning streak was 14 sessions, set in 1897, according to S&P Dow Jones Indices.
Even after its recent gains, the Dow has lagged Wall Street's other main indexes in 2023. It is up 7% year to date, compared to a 18% gain in the S&P 500 and the Nasdaq's"The Dow has been the laggard of the big three, and now it seems to be playing catch up. I think that catch-up trade is bringing us to a healthier place," said Art Hogan, chief market strategist at B Riley Wealth.
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