The U.S. stock market continued its impressive performance, achieving a three-session win streak on Tuesday. The Dow Jones Industrial Average (DJIA) soared approximately 134 points or 0.4%, reaching close to 33,739, as reported by preliminary FactSet data. This marks the blue-chip index’s longest straight winning streak in a month and represents the best three-day gains since late August, as confirmed by Dow Jones Market Data.
Both the S&P 500 index (SPX) and the Nasdaq Composite Index (COMP) also made impressive gains, rising by 0.5% and 0.6% respectively. Remarkably, all three indexes have now experienced gains for three consecutive sessions.
The encouraging outlook for the stock market stems from the decline in oil prices (CL00) and bond yields (TMUBMUSD10Y, 4.646%). Additionally, Raphael Bostic, the head of the Atlanta Fed, expressed his belief that there isn’t an immediate need for further rate hikes to reach the central bank’s desired 2% annual inflation target. However, he also noted that interest rates are anticipated to remain high for a considerable period.
These recent developments provide a positive trajectory for the U.S. stock market, reflecting the interplay between various factors such as declining oil prices, decreasing bond yields, and insights from key industry figures like Raphael Bostic.