The Dow is on pace for its best run in 126 years, media reports said.
The blue-chip stock index on Wednesday notched its 13th straight day of gains, its best winning streak since 1987 and its highest level since February 2022, CNN reported.
If the Dow closes higher for a 14th consecutive session, that would be its longest run of consecutive gains since May 1897, it said.
Should the Dow end the day higher on Thursday, and for a 15th straight day on Friday, that would mark the index’s longest daily winning streak ever.
The Dow, up 7 per cent for the year, was flat on Thursday after rallying in recent weeks as cooler-than-expected inflation data has investors more optimistic that a soft landing, or no recession, could be in the cards for the economy, CNN reported.
That, in turn, has spurred investors to snap up shares of cyclical stocks, or shares of companies that are sensitive to the economy.
Strong earnings and investor optimism about tech — particularly fueled by interest in AI — has also helped stocks pick up steam throughout the year. The Nasdaq surged 1.4 per cent on Thursday, boosted by a stronger than expected quarterly financial report from Meta.
The Dow’s rally bodes well for Wall Street, since it suggests that the market’s gains are continuing to broaden beyond just the seven Big Tech stocks that have dominated this year, CNN reported.
A rally in the blue-chip index also tends to foreshadow gains across the market. The broader S&P 500 rose 0.4 per cent Thursday.
VC funding drops 22.5 pc in China in Jan-Nov as India sees surge
As venture capital (VC) funding surged in India this year, China saw a 22.5 per cent decline in VC funding by both volume and value in the January-November period, a report showed on Thursday.
Indian share market opens in green, Nifty above 23,800
At around 9:37 am, Sensex was trading at 78,744.55 after gaining 271.68 points or 0.35 per cent, while the Nifty was trading at 23,812.50 after gaining 84.85 points or 0.36 per cent.
Indian share market ends in red ahead of key global policy decisions
Ahead of key policy decisions especially from the US Federal Reserve, the Indian stock market closed in red on Tuesday as selling was seen in the PSU bank, auto, IT, financial service, pharma, FMCG, metal, and realty sectors of Nifty.
Buy on dips strategy working well in Indian stock market amid sharp rebound
The surge in the Indian stock market on Friday helped the Indian benchmark indices end the week on a positive note. A strong 2,000-point rebound from the lows suggests that the buy-on-dips strategy is working well in the market, experts said on Saturday.