Dow Jones Today: Index Notches Longest Streak in 36 Years

Dow nearly gives up 170-point intraday trading gain before finishing in the green for the 13th straight session

By
Terry Lane
Terry Lane
Full Bio
Terry has 25 years experience in journalism and communications, reporting on a range of topics that include personal finance, telecommunications, Congress, government regulations, and criminal justice. He has also worked on technology, energy, and environmental policy issues as a congressional press secretary and owned and published a local community newspaper in North Carolina.
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Published July 26, 2023
Traders work on the floor of the New York Stock Exchange

Michael M. Santiago / Getty Images

Key Takeaways

  • Investors push Dow higher for the 13th straight session, its longest winning streak since 1987.
  • Boeing climbs 8% on an earnings report that showed aircraft deliveries increasing.
  • Microsoft drops 4% after its forward guidance falls short of expectations.

After volatile swings in afternoon trading, the Dow Jones Industrial Average pulled out its longest winning streak in 36 years, moving higher by 0.25%, or 85 points, to mark its 13th straight session in the green.

The 30 stocks of the Dow haven’t pulled off a streak that long since 1987, nearly giving up a 170-point gain before holding onto its positive momentum before the session ended. 

Investors reacted to the Federal Reserve’s decision to hike interest rates, which Fed Chair Jerome Powell indicated might be the last one needed to bring interest rates back to the 2% target level. They were also closely watching corporate earning reports.

Big Movers

The Dow was the session’s top-performing index, with the S&P 500 dipping 0.15% and the Nasdaq falling 0.2%. 

Boeing (BA) shares soared 8% despite posting a quarterly loss, as investors approved of the aircraft maker’s pickup in deliveries and its $2.6 billion in free cash flow in the second quarter, ahead of what analysts were forecasting.

3M (MMM) shares moved 2.5% higher, adding a second session of gains following its earnings beat earlier this week. 

Coca-Cola (KO) shares moved up 0.9% after its double-digit jump in earnings prompted the beverage maker to boost its 2023 outlook for profit and revenue. 

Shares of Intel (INTC) rose by 0.6% before its Thursday earnings release, while Procter & Gamble (PG) shares were flat ahead of its Friday report.

Falling Prices

Microsoft (MSFT) shares fell 4% after the software giant beat its quarterly estimates on revenue and profit, but its current-quarter guidance was short of what analysts were looking for, while also showing softness in its cloud and PC business. Microsoft continued to ease back from its all-time-high price of $366.78 on July 18, dropping more than 8% since then. 

Caterpillar (CAT) shares fell 1.6% while Cisco Systems (CSCO) and Salesforce (CRM) each dropped about 1%. Honeywell (HON) dropped 0.9% and McDonald's (MCD) fell 0.3% ahead of their earnings reports before markets open on Thursday.

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  1. CNBC. “Boeing posts quarterly loss, but stock surges as aircraft deliveries drive up cash.”

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