Dow’s winning streak best since 1987

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 is up 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 Dow is 3.48% from its record close of 36,799.65 hit Tuesday, January 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 us a narrow body aircraft. 

BOEING TO LIFT 737 MAX PRODUCTION AS TRAVEL REBOUNDS

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

“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 I 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.