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Stocks On Track for a Three Week Streak

After a seesaw day yesterday, the Dow Industrials , S&P 500 , and Nasdaq Composite are still posting strong weekly gains. As of Wednesday’s close, the Dow is up 6.5%, the S&P is up 5.9%, the Nasdaq is up 4.9% on the week, putting them well on track for gains for the third straight week.

Three consecutive weekly gains haven’t happened for the Dow since last April/May, while the S&P and Nasdaq last accomplished that feat back in August.

With a gain of 16.94% over the past 2.5 weeks, the Dow is now on pace for its best 3-week winning streak since August/September 1982, when it surged 17.39%.

A rise of 10% or more over three straight weeks of gains isn’t very common for the Dow. In fact, since 1951, it has only happened 15 other times (excluding its current streak).

3 Weeks Ended 3-Week Change
11/23/1962 +10.89%
1/11/1975 +10.08%
2/8/1975 +10.44%
2/15/1975 +10.14%
1/24/1976 +11.09%
8/28/1982 +12.64%
9/4/1982 +17.39%
10/23/1982 +13.51%
8/11/1984 +10.60%
12/26/1987 +13.18%
2/16/1991 +10.36%
5/3/1997 +10.63%
4/28/2001 +10.41%
10/13/2001 +13.46%
10/26/2002 +12.16%

Leading the way so far this week are banks (+15%), homebuilders (+13%), industrials (+7%), materials (+7%), and energy stocks (+6%). Unsurprisingly, those types of stocks have been some of the best performers in the Dow this week:

Top Dow Components This Week
Bank of America +24%
JPMorgan Chase +23%
Alcoa +18%
American Express +15%
Boeing +14%
Citigroup +13%
DuPont +11%
General Electric +10%

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