On Tuesday, the Dow Jones Industrial Average and S&P 500 reached all-time highs, driven by a drop in oil prices and robust earnings from companies like Caterpillar and Palantir Technologies. Although the Nasdaq Composite did not set a new record, it achieved its fourth consecutive daily gain of over 1%, marking the 18th instance of such a streak, according to Bespoke Investment Group.
Historically, this pattern indicates a positive outlook, with the Nasdaq averaging a 1.6% gain one week later and a 4.1% increase one month later. The index is currently just 2% shy of its all-time high of 27,093.90, set on June 2.
Bespoke noted that this streak is unique as it occurs while the Nasdaq is already near its highs, contrasting with previous instances that followed significant declines. They advised monitoring the 26,000 level for support, as the Nasdaq closed at 26,584.99 on Tuesday