Dow Jones Extends Historic Streak: Are More All-Time Highs in the Cards?
Yesterday marked Martin Luther King Day, a federal holiday since 1983. Historically, the market has exhibited a positive average reaction on the Friday before and a weaker performance on the following Tuesday. Here are the figures:
As of this writing, futures are deep into red territory, so it appears as though history should prevail on this one again today.
Moreover on the history rimes front, despite the sluggish start to the year, signals still look positive for the Dow.
In 2023, the the industrial index narrowly preserved an impressive streak, managing to set at least one new all-time high each year for several consecutive years.
In 2023, with the achievement of setting all-time highs and an additional occurrence in early 2024, the Dow Jones has now extended its streak to an impressive 12 consecutive years, matching the previous record from 1989 to 2000.
It's noteworthy that considering the period from 1900 to 2024, the Dow Jones experienced years of fluctuation. Over this span, there were 56 years in which it reached at least one all-time high and 69 years in which it did not.
The most prolonged stretch without any all-time high occurred from 1930 to 1953.
Despite the positive winds for the Dow, it's another type of stock that's been leading the bunch: high-flying tech.
In fact, after a deep sell-off in 2022, Wall Street has been excited about a several stocks held by Cathie Wood in her ARK Innovation ETF (NYSE:ARKK), which ended 2023 with a return of +67%, beating the QQQ (+54%) and the S&P 500 (+24.23%).
Main stocks in her ETF:
It's worth noting that Cathie Wood has resumed buying shares of Tesla (NASDAQ:TSLA) in 2024. This follows a pattern where she sold Tesla shares in multiple phases over three consecutive
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