U.S. stock markets logged a fifth straight advance on Thursday, representing the longest such win streaks for the Dow and S&P 500 of the past few months. The Dow Jones Industrial Average gained 121 points, or 0.5%, at around 24,000, the S&P 500 index rose 0.5% at 2,597, while the Nasdaq Composite Index climbed 0.4% to reach 6,986, on a preliminary basis. All three indexes produced a fifth consecutive finish in the green, which marked the lengthiest for the Dow since a similar period ended Oct. 3 and the longest string of gains for the S&P 500 since the period ended Sept. 14, according to FactSet data. The gains also helped to lift the Dow and the S&P 500 out of correction, defined as a drop of at least 10% from a recent peak. Gains on the day, weren't assured, with equities opening in the red amid reemerging doubt about the health of the global market, revived by a spate of weak data economic data from China, the world's second-largest economy. Reports about progress in trade talks between Beijing and Washington have been credited with providing recent upward momentum for stocks the limped out of 2018 with bruising losses. Tepid gains took hold Thursday afternoon as Federal Reserve Chairman reiterated the central bank's intention to patiently normalize interest-rate policy--a source of friction for global markets-- while paying attention to signs of deterioration in financial markets. Powell spotlighted China and global economic weakness as a one key source of worry during an interview at The Economic Club of Washington: "The principal worry that I would have is global growth," Powell added, "and how much does that affect us?" He was referring to the U.S. economy. In corporate data, shares of Macy's (M) tumbled after the retailer cut its annual sales and profit estimates. One lingering focus for market participants is the partial government shutdown which will become the longest on record if it goes into Saturday.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 10, 2019 16:06 ET (21:06 GMT)
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