Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 12, 2023.
Brendan McDermid | Reuters
The Dow Jones Industrial Average just won’t stop going higher it seems like. What is behind this historical momentum for the blue chip measure created more than a century ago?
The Dow on Tuesday rose for a 12th straight day, matching its longest winning streak since 2017. If it closes higher Wednesday, it would be a streak not seen since 1987, when the Dow advanced for 13 sessions in a row. During this latest run, the Dow has outperformed, gaining 6%.
That momentum hasn’t been seen in the broader S&P 500 and Nasdaq Composite indexes, however. Both are up just 3% since the Dow’s streak began. The S&P 500 has fallen twice in that time, while the Nasdaq has posted three losing sessions.
There are several reasons for the Dow’s streak, but none may be bigger than recession fears easing.