The U.S. stock market closed on a positive note, as the Dow Jones Industrial Average (DJIA) achieved its longest winning streak in over six years, as reported by Dow Jones Market Data. The DJIA recorded a gain of approximately 184 points, or 0.5%, concluding near 35,411, according to preliminary FactSet data. This impressive run of 11 consecutive sessions of gains marks the blue-chip gauge’s longest streak of wins since February 27, 2017.
Meanwhile, the S&P 500 index (SPX) also showed strength by advancing 0.4% in trading, with the energy sector leading the way higher. Additionally, the Nasdaq Composite Index (COMP) closed up 0.2%.
Remarkably, stocks have continued to surge in 2023, despite the Federal Reserve’s aggressive rate hikes implemented last year. Investor focus now shifts to Wednesday’s Fed rate decision, with expectations of another 25 basis points rate increase, placing the new range at 5.25%-5.5%. This decision is significant as it may mark the conclusion of the Fed’s current rate hike cycle, considering the progress made in combating inflation.
In alignment with the positive market sentiment, energy prices experienced an upward trend on Monday. U.S. West Texas Intermediate crude for September delivery reached $78.74 per barrel, representing the highest level for a front-month contract in the past three months, according to Dow Jones Market Data.
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