The winning streak reached five days after the Dow Jones Industrial Average rose in Tuesday’s session’s last few minutes
The blue-chip index finished 73.92 points (0.3%) at 26,909.43, reaching a fifth straight gain. This would mark its best streak since a six-session climb concluded on the 10th of June. Boeing, Dow and Caterpillar headed the way higher.
The S&P 500 index closed less than 0.1% higher at nearly 2,979, a rise of 0.96 points. However, the Nasdaq Composite Index finished down less than 0.1% to close at 8,084, falling 3.28 points.
Investors moved out of high-growth tech stocks towards sectors such as energy. This move coincided with how the 10-year Treasury yield climbed up to 1.706%, from a 1.632% yesterday. Bond yields rise with the fall in prices.
Trading has proved to be comparatively quiet while investors wait for policy verdicts to be given by central bakers at the end of this month.
Central banks are predicted to lessen the costs of borrowing, and the Federal Reserve is projected to lessen its rates by 25 basis points when it is set to meet the coming week after a weaker-than-predicted jobs report for the month of August.
Experts saw how Apple Inc. shares gained $2.53 (1.2%), to $216.70, following its announcement of new model iPhones and other Apple products at its annual launch which took place on Tuesday.
Senior portfolio manager at Globalt Investments, Thomas Martin stated how the economy of the United States is in a good place with sturdy consumers, and low employment. He added how central banks actions and language will indicate whether there is a sustained possibility of an economic recovery or if they are still on the edge.
The greatest declines were seen in the shares of software firms and chip makers, both of which were subjected to stress recently with the ongoing U.S.-China trade war and talks of a downturn in economy worldwide. Microsoft fell 1.1%, while Applied Materials by 0.9%.