Dow Jones Achieves Milestone: Longest Winning Streak Since 2017; 10th Day In A Row

Dow Jones Records Longest Winning Streak Since 2017 Amid Volatile Market Sentiment

The Dow Jones Industrial Average (DJIA) saw its longest winning run since August 2017 on Friday, recording its eleventh straight positive session.

At the close of trade on Friday, the blue-chip index had barely risen 0.01%, emphasizing the tense nature of this milestone.

The American stock market experienced increased volatility on Friday afternoon, sending major tech companies plunging in the final hour before the closing bell.

The blue-chip sector, however, was able to escape losses and scrape out a little but significant upward tick, which allowed it to establish the winning streak.

Dow Jones Gains 2.1% for the Week, SPDR Dow Jones ETF Ends Winning Streak

The Dow Jones gained a respectable 2.1% for the week, following a 2.3% increase the week before, pushing the index to levels last seen in mid-April 2022.

Investing in the SPDR Dow Jones Industrial Average ETF

The biggest exchange-traded fund that tracks the Dow, DIA, finished down by 0.09%, breaking its winning run.

Merck Leads Dow Jones’ Top Performers, American Express and Microsoft Among Daily Laggards

Merck & Company, Inc. MRK+1.78%+ Free Alerts was the component of the Dow Jones that performed the best on a daily basis, rising 1.8%.

Procter & Gamble Co. PG+1.57%+ Free Alerts came in right behind, rising 1.6%, while Chevron Corp. CVX+1.46%+ Free Alerts also performed well, up 1.4%.

Technology behemoth Microsoft Corp. MSFT-0.89%+ Free Alerts, down 0.9% for the session overall, American Express Company AXP-3.89%+ Free Alerts, down 3.7% as a result of disappointing second-quarter results, and Caterpillar Inc. CAT-1.32%+ Free Alerts, down 1.3%, were among the Dow index’s daily laggards.

Investors Wait for Fed Meeting

Options expiry, which will affect over $2.3 trillion in derivative option contracts on Friday, is likely what contributed to the elevated volatility seen at the close.

Additionally, traders looked to be acting more circumspectly, probably in preparation for the significant Federal Open Market Committee Meeting slated for the next week.

A 0.25% rate increase, which would increase borrowing costs to 5-25%-5.5% and bring them to their highest level since early 2001, has already been priced into the market.

Since it is widely believed that this may be the final rate hike of the cycle, the Fed’s future intentions are what should be most worried about.

In September, there is just a 16% possibility of another rate hike, and by November, there is a 30% chance.

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