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Yardeni Research, Inc. President Ed Yardeni reacts to the Federal Reserve lifting 25 basis points on ‘Making Money.’
The Dow Jones Industrial Average notched its 13th straight day of gains on Wednesday, a feat not seen since 1987 when Ronald Reagan was in the White House.
The benchmark added a modest 82 points or 0.23% to hit the milestone, which is now at the highest since February 2022, as tracked by Dow Jones Market Data Group.
The Dow 30, which is up just 7% year-to-date, is playing catch up to the Nasdaq Composite and the S&P 500, which have gained 35% and 19%, respectively, over the same period.
The gains are a positive sign for the broader market, according to Art Hogan, chief market strategist, at B. Riley Financial.
“We have had a market that was dominated by a handful of artifical intelligence darlings, mega cap stocks and now that baton has been handed off to some of the small caps and other performing sectors, so I think we have a market that is a much healthier place than it was going back to Memorial Day” he said during an appearance on “Kudlow” with Larry Kudlow.
Dow Jones Industrial Average
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The Dow is 3.48% from its record close of 36,799.65 hit Tuesday, Jan. 4, 2022.
Planemaker Boeing, considered a solid economic barometer, contributed the biggest gains to the Dow on Wednesday, rising 8% after signaling a production lift for its 737 Max jet as travel demand rebounds. The jet is a narrow body aircraft.
BOEING TO LIFT 737 MAX PRODUCTION AS TRAVEL REBOUNDS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 232.89 | +18.70 | +8.73% |
The milestone also came after the Federal Reserve raised interest rates, as expected, by 25 basis points to the highest in 22 years. Chairman Jerome Powell, in his press conference, declined to elaborate on when another hike or pause may occur.
FED HIKES RATES TO HIGHEST LEVEL IN 22-YEARS
Federal Reserve Chair Jerome Powell speaks during a news conference on Wednesday, July 26, 2023, in, Washington. (AP Photo/Nathan Howard)
“We’re looking at the current data in GDP and we’re seeing strong spending. We’re seeing a strong economy. And it’s made us confident that we can go ahead and raise interest rates. Now, for the third time since the March events. And it seems like the economy is weathering this well. But of course, we’re watching it carefully and expect to continue to do that,” he said.
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