S&P, Dow end slightly up, extend closing streaks despite Disney drag
Dow Jones Industrial Average both clung onto gains to ended slightly higher on Tuesday, extending recent winning streaks fueled by renewed expectations that the Federal Reserve will cut interest rates this year.
The advances pushed the S&P 500 to a fourth straight higher close, and its best winning run since March. For the Dow, it is now on its longest positive run since December 2023, gaining for the fifth session in a row.
The benchmark performances came despite Walt Disney slumping 9.5%, its biggest percentage fall since November 2022, as a surprise profit in its streaming entertainment division was eclipsed by a drop in its traditional TV business and weaker box office.
Despite Disney's drag, markets have been generally buoyed by a weaker-than-expected labor market report last week, which fueled bets that the U.S. central bank will cut rates.
The Nasdaq Composite has also benefited, but it slipped lower in afternoon trade on Tuesday and closed slightly lower, snapping its own winning run at three.
«I think the market is in this little holding pattern until the big data comes next week,» said Garrett Melson, portfolio strategist at Natixis Investment Manager Solutions, referring to the Producer Price Index (PPI) due on May 14, and the Consumer Price Index (CPI) scheduled for May 15.
Generally, the Fed and policymakers have been consistent in their message in recent weeks that rate cuts will come but the central bank is going to be cautious in implementing them.
This meant, on a day lacking major data
