Dow Jones index makes it 10 straight days of gains
BY Staff and Wire reports
Friday, March 15, 2013
3/15/13 at 4:44 AM
The Dow Jones industrial average has reached another milestone, recording its longest winning streak since 1996.
The index rose for the tenth straight day Thursday, gaining 83.86 points to close at 14,539.14. That's an increase of 0.6 percent.
The last time the Dow knocked out 10 straight days of gains was November 1996. Back then, Internet companies were still lining up to go public and President Bill Clinton had just won another term in the White House.
"It's just a good run," said Dan Greenhaus, chief global strategist at the brokerage BTIG. "And it speaks to optimism about the future."
Signs that the economic recovery is gaining strength have propelled the market higher in recent weeks.
Last month, the unemployment rate dipped to 7.7 percent, the lowest level since December 2008. Adding to evidence that the job market is improving, the government reported Thursday that fewer Americans sought unemployment benefits last week.
"We've been getting some really good economic statistics: jobless claims today and retail sales yesterday," said Doug Cote at ING U.S. Investment Management. "And that's positive."