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The Dow Jones Industrial Average Strikes a Century-Old Record

James Albert by James Albert
July 27, 2023
in Dow Jones Industrial Average (DJIA), NASDAQ, Stocks, US Indices
0

FintechZoom > World Indices > US Indices > Dow Jones Industrial Average (DJIA) > The Dow Jones Industrial Average Strikes a Century-Old Record

The Dow Jones Industrial Average is making headlines in the financial world as it stands on the threshold of a historic 14-day winning streak, a milestone that takes us back to a record set in June 1897.

Markets Show Steady Uptick

Trading on Thursday witnessed the Dow Jones Industrial Average (DJIA) rising steadily, marking an increase of 42 points, or a 0.1% climb. This trend, if it continues, could lead to a 14-day streak for the 30-stock index, tying its longest positive streak on record dating back to June 1897. The DJIA, which was created just a little more than a year prior in May 1896, is capturing the attention of investors worldwide.

Exceeding Economists’ Expectations

A crucial factor contributing to this positive trend is the recent GDP data. Recent reports suggest that the Gross Domestic Product rose by 2.4% in the second quarter, surpassing the 2% increase expected by economists. This data indicates a stronger-than-anticipated performance by the U.S economy, adding fuel to the bullish trend in the stock market.

Easing Price Pressures

Another encouraging sign for investors is the easing price pressures. The personal consumption expenditures price index showed a rise of 2.6% in the second quarter, which is lower than the 3.2% increase anticipated by economists. This figure is also significantly lower than the 4.1% rise seen in the prior quarter, indicating a potential easing in inflation.

Boost from Meta Platforms

The earnings results from Meta Platforms, the parent company of Facebook, have also played a significant role in the current market scenario. The company’s shares surged by 8% following better-than-expected results and robust guidance. The boost in the company’s numbers was primarily due to a rebound in ad revenue.

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Mixed Bag for Other Companies

While Meta Platforms enjoyed a positive response to its earnings results, not all companies shared the same fortune. For instance, Chipotle Mexican Grill witnessed a drop of about 7% as its sales fell short of estimates. Despite some setbacks, overall earnings results have generally been stronger than expected. Of the companies that have reported so far, 81% have beaten analyst expectations, according to FactSet data.

Recession fears Easing

The robust GDP data and encouraging earnings results are the latest signals that the U.S. economy is more resilient than expected. This resilience could potentially help the U.S. dodge a recession, especially as inflation shows continued signs of easing.

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Federal Reserve’s Role

On Wednesday, investors digested remarks from Chair Jerome Powell hinting that the central bank could hold rates steady at these levels. Powell suggested that the Federal Open Market Committee will remain data-dependent. The central bank is set to meet again in September after a batch of new inflation and employment data.

Positive Market Sentiment

“Those very high rates that scared me and the market earlier on in the year don’t seem to be having as much of a negative effect as I had feared,” Jeremy Siegel of Wharton School told CNBC’s “Squawk Box” on Thursday. “And that, combined with the fact that Powell now is saying I’m going to look at both sides of the equation, I think is very positive for the markets.”

The Road Ahead

The DJIA’s 14-day winning streak, if it materializes, will indeed be a remarkable event in the market’s history. However, it’s crucial to remember that the stock market doesn’t move in a straight line. While the recent positive trends are encouraging, investors need to stay alert for any signs of volatility or potential downturns in the market.

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Conclusion

The Dow Jones Industrial Average’s potential 14-day winning streak is certainly a milestone worth celebrating in the financial world. But as always, investors should maintain a balanced perspective, keeping an eye on broader market trends and global economic indicators. After all, the stock market is a complex entity influenced by a myriad of factors, and its course can change rapidly based on new data and developments.

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James Albert

James Albert

James Albert is a personal-finance analyst for FintechZoom and is based in New York. Contact: [email protected]

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