Dow sees longest string of gains in six years
Investors expecting a pullback in stocks - and there are plenty of them - are going to have to wait. As of Friday the Dow Jones industrial average has entered its longest winning streak in more than six years.
Stocks climbed again Friday after a strong report on new home sales more than offset mixed news from corporate earnings reports.
Investors were also keeping a cautious eye fixed on Greece's ongoing debt problems after the country decided to tap a bailout program.
Friday's 70-point gain wrapped up the Dow's eighth straight weekly rise, which matches its longest string of gains since a two-month stretch that ended in January 2004.
The Dow rose 69.99, or 0.6 percent, to 11,204.28. The Standard & Poor's 500 index rose 8.61, or 0.7 percent, to 1,217.28, while the Nasdaq composite index rose 11.08, or 0.4 percent, to 2,530.15.
Analysts have been saying for weeks that the market could be primed for a pullback, yet it still hasn't materialized.
"It's been quite a run," said Stephen Carl of The Williams Capital Group in Manhattan.
- AP
Labor Day weekend travel forecast NewsdayTV's Ken Buffa spoke with Robert Sinclair Jr., senior manager of public affairs for AAA Northeast, about some of the best and worst times to travel during the holiday weekend.
Labor Day weekend travel forecast NewsdayTV's Ken Buffa spoke with Robert Sinclair Jr., senior manager of public affairs for AAA Northeast, about some of the best and worst times to travel during the holiday weekend.
