Dow Industrials On Track For Longest Win Streak In 12 Weeks

By Mark DeCambre Markets MarketWatch Pulse

The Dow Jones Industrial Average on Monday was on pace to book its lengthiest streak of gains--three in a row--since February, according to FactSet data. The Dow's third straight finish in the green would be notable because the blue-chip gauge has gone 60 straight trading sessions without stringing together a series of wins that long since it ended a 12-session rally on Feb. 27. From that point, the Dow has moved in fits and starts as doubts about President Donald Trump's ability to implement a pro-growth agenda, including tax cuts and a boost to infrastructure spending, has intensified, threatening a mulitmonth climb in risk assets that had been lifted by those presidential campaign promises. Worries about the president's ability to gain sufficient consensus in Congress to get his policies passed into law have escalated since Trump fired then-director of the Federal Bureau of Investigation, James Comey, two week ago, sparking a firestorm inside and outside of Washington. On Monday, U.S. equity markets were attempting to bounce back from a downbeat week, highlighted by sharp losses on May 17. However, since last Wednesday, the broader stock market has erased much of its losses, suggesting that a general uptrend for equities may still be intact. Most recently, the Dow was up 0.4% at 20,894, the S&P 500 index was 0.5% higher at 2,392, while the Nasdaq Composite Index was showing a rise of 0.7% at 6,124.

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