The Dow Jones Industrial Average hasn’t had a 10-day winning streak in nearly 17 years. The index crossed that mark again today, after closing higher by 83 points. During this streak, the Dow has set a number of new record highs on a daily basis. As the markets closed, investors began watching another index, now that the Dow’s record-breaking mystique has begun to fade.
After closing up 8.71 points today, the S&P 500 is now just two points away from the all-time record high it set back in 2007. Most market participants would actually consider the S&P 500 record a more important milestone, since the index tracks a broader number of stocks, and likely gives a more accurate picture of the U.S. economy.
A few Dow winners
Two of the Dow’s big technology stocks, Hewlett-Packard Company (NYSE:HPQ) and International Business Machines Corp. (NYSE:IBM), helped move the index higher during today’s trading session. Shares of H-P rose 2.86%, as IBM’s stock gained 1.75%. Though market participants gave a number or reasons for each stock’s move today, there really was no single driving force behind either stock.
It seems H-P’s CEO, Meg Whitman, has been successful thus far in turning the company around, which is partially why the stock has steadily risen in 2013. Shares of H-P are up almost 54% year to date.
Chevron Corporation (NYSE:CVX) ended the day as one of the blue-chip winners. Shares rose 1.39%, despite the fact that a company-owned pipeline was hit by a tugboat and burst into flames yesterday. The move higher today could be related to a report, also released yesterday, which argues that opening California up to fracking would boost the state’s economy. The Monterey Shale deposits, located in central California, are believed to hold 15.4 billion barrels of oil, or two-thirds of the nation’s shale oil reserves. Opening this area up for drilling would be not only a boost to California, but also to U.S. oil and gas producers.