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Dow Snaps Longest Win Streak in Almost 40 Years

July 28, 2023 by Forex Winner Leave a Comment

The Dow Jones Industrial Average (DJIA) ended its impressive winning streak on Thursday, experiencing a decline as stocks pulled back and bond yields rose. This shift came after U.S. economic growth surged in the second quarter.

Stock Market Performance

According to preliminary FactSet data, the DJIA fell around 237 points, or 0.7%, and closed near 35,282. The S&P 500 index and the Nasdaq Composite Index also experienced losses, declining by 0.6%.

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Strong Economic Growth

Despite expectations of a recession, U.S. GDP rose to a 2.4% annual rate in the second quarter, as indicated by data released on Thursday. This surprising growth comes as the Federal Reserve has raised interest rates to their highest level in 22 years.

Peter Cardillo, chief market economist at Spartan Capital Securities, stated in a phone interview, “The macro news is extremely strong, with the economy growing at 2.4%.” However, stocks were impacted by the increase in the 10-year Treasury yield above 4% and the strengthening of the dollar against rival currencies.

The Importance of a Pullback

Cardillo noted that this decline could be a much-needed pullback after the Dow’s remarkable 13-session winning streak, which has not been seen since 1987 according to Dow Jones Market Data. He believes it is not a sign of a correction in equities, but rather a breather.

Looking Ahead

Investors will be closely monitoring an update on inflation for Friday, particularly the reading of personal spending for June. Persistent high inflation is viewed as a significant concern regarding the timing of potential rate cuts by the Federal Reserve.

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Filed Under: Forex News Tagged With: Dow Jones, Economic Growth, stock market

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