A record-breaking week for Dow Jones Industrial Average 2 Minute (Dow Jones Indices:.DJI) has left the index higher by 2.18% and on a six-day winning streak. The Dow gained 307 points from Monday to Friday, set record highs Tuesday through Friday, and now sits at 14,397. Of the Dow’s 30 components, only two ended the week in the red, while 24 gained more than 1%, over the past five trading sessions.
Not only is the Dow now at record highs, but also a number of its components are setting new 52-week highs, and the other major indexes are on the verge of breaking previously set records. The S&P 500 (S&P Indices:.INX) rose by 2.17% this week and now sits at 1,551, just 14 points below its record high of 1,565. And the Nasdaq not only had a winning week but also performed better than the other two indexes, as it gained 2.35%.
Before we hit the Dow losers, let’s look at the index’s big winner of the week. Bank of America Corp (NYSE:BAC) gained 6.43% this past week as investors anxiously awaited the results of the Federal Reserve’s stress test, which would also tell investors whether the banks could now begin returning capital to their shareholders. While the results were good, they didn’t pass the test with flying colors, causing shares of B of A to fall 1.5% on Friday. Industrywide, financial stocks dropped as it became clear the government may not allow dividend and share-buyback programs to resume immediately.
The bank has trailed the Dow in 2013, after crushing it in 2012. Year to date, shares of Bank of America are up only 3.96% while the Dow has risen 9.87%.
The big losers
Shares of Exxon Mobil Corporation (NYSE:XOM) ended the week down 0.51%. The big move lower came on Thursday, when the stock fell by 1%, after company executives claimed they had no option but to use a potentially dangerous chemical called MTBE. Exxon Mobil Corporation (NYSE:XOM) is currently fighting a lawsuit claiming that the company contaminated drinking water in New Hampshire by adding MTBE to its gasoline. Exxon’s defense is that the Clean Air Act requires the use of the chemical.
The lawsuit in New Hampshire could cost Exxon Mobil Corporation (NYSE:XOM) $250 million, which itself wouldn’t be damaging to company, but it would open the door to other lawsuits that have been filed, potentially increasing other liabilities.