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The DOW and the S&P 500 just can’t stop winning. Both indices surged to new highs on Friday, capping off an impressive six-week streak. The Dow Jones Industrial Average edged up by 36.86 points, closing at 43,275.91, while the S&P 500 gained 0.40%, finishing at 5,864.67. Not to be left out, the Nasdaq Composite, buoyed by strong earnings from Netflix, climbed 0.63% to 18,489.55. This six-week rally is the longest streak of weekly gains for both the DOW and the S&P in 2024. The former ended the week up 0.96%, while the latter closed the week with a 0.85% gain. The Nasdaq didn’t fall behind, wrapping up the week 0.80% higher. Netflix had a killer day on Friday, rising 11% after reporting better-than-expected earnings, with ad-tier memberships growing by 35% in just three months. Procter & Gamble also reported earnings that beat estimates, though its revenue fell short. Election year rally defies expectations The stock market’s performance is defying the usual election year jitters. Rob Williams, chief investment strategist at Sage Advisory, pointed out that investors typically expect a dip before an election. But this time, it’s different. “We’re seeing a reverse,” he said. “Stocks might remain strong up to the election, with volatility coming after.” He thinks this could be due to investors already pricing in a potential win for Donald Trump. His business-friendly policies, including lower taxes and less regulation, could be driving optimism among investors. More than 70 S&P 500 companies have already reported earnings this season, with 75% of them beating Wall Street’s expectations. Meanwhile, hedge fund billionaire John Paulson believes that the economic strength we’re seeing is mainly due to increased federal spending. He pointed to a 14% jump in government spending compared to last year, with the national deficit nearing $2 trillion. Small-cap stocks…

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Filed under: News - @ October 19, 2024 9:25 am