The Dow Jones Industrial Average’s historic summertime winning streak came to an end on Thursday, with a late-day selloff that followed reports of the Bank of Japan potentially embracing a major policy shift.
It will be remembered as the Dow’s longest stretch of consecutive daily gains since Jan. 20, 1987, according to Dow Jones Market Data. Had stocks finished higher on Thursday, the streak would have tied the Dow’s 14-day winning streak from June 14, 1897, the longest winning streak on record for the blue-chip average.
Now that it’s over, it’s worth a look back at the stocks that helped make it happen.
An analysis by DJMD shows UnitedHealth Group Inc.
UNH,
the most heavily weighted company in the Dow, contributed 305.94 of the 1,785.24 points that the Dow gained during the 13 sessions through Wednesday’s close — a session that saw the Dow log its highest finish since February 2022.
A strong earnings report earlier this month has helped drive UnitedHealth’s shares higher.
See: UnitedHealth’s shares on track for biggest gain in over two years after earnings beat expectations
Unlike the S&P 500 and Nasdaq 100, which are weighted by market capitalization, the more old-fashioned Dow is weighted by share price. UnitedHealth’s shares closed at $508 on Wednesday, according to FactSet data.
Goldman Sachs Group
GS,
and Home Depot Inc.
HD,
were the second- and third-biggest contributors to the streak through Wednesday, chipping in 279.38 points and 176.50 points, respectively.
It’s notable that Apple Inc.
AAPL,
and Microsoft Corp.
MSFT,
the only two members of the so-called “Magnificent Seven” group of megacap technology stocks included in the Dow, had surprisingly little influence on the streak. They contributed a combined 28.80 points through Wednesday.
See: Amazon is the cheapest of the Magnificent Seven stocks by this important measure
See the complete breakdown below:
After trading higher for most of Thursday’s session, the Dow
DJIA,
tumbled into the red in afternoon trading following reports that the Bank of Japan might tweak its policy of yield curve control, after its July policy meeting concludes Friday in Tokyo (late Thursday evening in New York). The blue-chip gauge shed 237.40 points, or 0.7%, to 35,282.
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