Stock Market News: Dow heads for longest winning streak since 1897

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US stocks climb as the Dow heads for longest winning streak in 126 years

US stocks opened Thursday in the green as investors digested another rate hike from the Federal Reserve, better-than-expected GDP numbers for the second quarter, and prospects of a historic win-streak for the Dow Jones Industrial Average.

On Wednesday, policymakers announced a 25 basis-point rate hike, bringing the federal funds rate to a range of 5.25%-5.5% range. According to CME's FedWatch Tool, traders largely expect this to be the final adjustment of the year. Jerome Powell said that the central bank no longer expects a recession for the US economy. To that point, second-quarter gross domestic product clocked in higher than expected. Over the last three months, GDP, the sum of all goods and services activity, increased 2.4% annually, better than the consensus 2% Dow Jones estimate.

Meanwhile, should the Dow Jones Industrial Average stay positive through Thursday trading, it would mark the 14th consecutive winning day — the longest streak since 1897, per CNBC.

 

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