Recent 52-week highs for the Dow Jones Industrial Average and its sibling, the Dow Jones Transportation Average, are a positive sign for a broader bull market, in keeping with one of the most historically accurate strategies for identifying primary trends in stocks.
The blue-chip Dow, up around 7% so far this year, is playing catch-up with the S&P 500 SPX , up more than 19% in the year to date, and the tech-heavy Nasdaq Composite COMP , which has surged more than 35% in 2023. “One of the tenets of Dow Theory is that the averages must confirm each other, meaning breakouts and breakdowns should happen in concert, and that’s what happening now,” said Adam Turnquist, chief technical strategist for LPL Financial in Charlotte, N.C.
A week ago, all three major U.S. stock indexes ended the New York session at their highest levels in 15 months. And Dow industrials have only continued to climb ever since.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market outlook: 100-year-old Dow Theory buy signal just flashedA more than 100-year-old buy signal just flashed in the stock market
Source: BusinessInsider - 🏆 729. / 51 Read more »
Stock market news today: Dow Jones notches 11th straight winDow notches 11th straight win as traders look to big tech earnings, Fed meeting
Source: BusinessInsider - 🏆 729. / 51 Read more »