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  • Writer's pictureRealFacts Editorial Team

Dow Records 7-Day Win Streak, Now Just 1.1% Off of All-Time Highest Close

Stocks on a computer screen

With renewed optimism that the Fed will cut rates this year the market indexes have been on an absolutely monster uptrend. The Dow Jones Industrial Average recorded its seventh straight day of gains on Thursday, recording a higher close each day in May, Thursday’s close being just 1.1% off of its all-time record. 

Dow Jones Graph

Economic data has been indicating a cooling off in the economy, this raises the possibility of rate cuts, Stephen Wisnefksi of Investopedia writes, “On Thursday, weekly initial jobless claims came in hotter than expected, which gave stocks a boost amid hopes that a slowing economy could help suppress inflation. The yield on 10-year Treasurys slipped to 4.457% Thursday, after rising above 4.50% earlier in the day for the first time since Monday.” These are just a few examples of data showing a cooling off in the economy. 

The other thing that has been bolstering the Dow is earnings season. Now that earnings season is among us, investors have shifted their focus to company financials, this has been good for Dow recently. The following is from Connor Smith of MarketWatch, “So far this month, only three of the 30 members of the Dow have subtracted points from the index. Intel has subtracted two and a half points, while Walt Disney and McDonald’s subtracted 34.82 points and 33.44 points, respectively. All three were overshadowed by Amgen alone, which added 255.69 points to the Dow in May. Goldman Sachs, Microsoft, UnitedHealth Group, and Caterpillar have each added more than 100 points to the Dow this month. and Apple each added more than 90 points.” So, with 27 of the 30 stocks in the Dow Jones Index reporting strong earnings with gains, the index has been propped-up higher.

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