The Dow is on pace to do something today it hasn't done since 1897

[brooklynite]

The Dow is on pace for its best run in 126 years.

The blue-chip stock index on Wednesday notched its 13th straight day of gains, its best winning streak since 1987 and its highest level since February 2022.

If the Dow closes higher for a 14th consecutive session, that would be its longest run of consecutive gains since May 1897.

Should the Dow end the day higher today, and for a 15th straight day on Friday, that would mark the index’s longest daily winning streak ever.

https://www.cnn.com/2023/07/27/investing/dow-stock-market-news-today/index.html

[BComplex]

1. Time to buy some puts?

Just sayin'!

[brooklynite]

2. I never "play" the market

I invest the same amount in index fund shares every month. If the market goes up, they're worth more. If the market goes down I buy more.

[BComplex]

3. Good plan!

[ARPad95]

4. Ever heard of the Bogleheads?

Your approach is very boglehead-ish.

[wryter2000]

26. I do just a little

It's my way of gambling. I just enjoy checking my stocks. A while back when the market was really low, I figured there were bargains out there. A DUer suggested Apple. It's done very well.

Many years ago I decided I wanted some Costco stock. Less than a $200 investment is now worth a couple thousand. Could come in handy in a pinch.

My real investment money is with Fidelity in a conservative combination of mostly bonds.

[orthoclad]

54. Called "dollar cost averaging", and

highly recommended by pros.

It's basically what you do with your job's retirement fund, which you contribute to every two weeks or pay period, provided you put it in an index fund as you do, which almost always pays more than a managed fund.

[Dorian Gray]

60. yes

I do something similar. And have done so for the last twenty years. It's been a good strategy.

[orthoclad]

62. It's the standard practice for nearly all retirement plans,

nothing fancy, just regular deposits.

[Dorian Gray]

63. Exactly

it works so well in my retirement accounts, I've mirrored it in my non-retirement accounts. I have a few index funds that I transfer some of my savings into each month. Not a huge amount, but over time, it's really paid off. (like $100 per month.) I have sold some to pay for renovations, down payment on our home, etc when I need to, and I don't have to touch my retirement account.

There are people who think "playing the market" is dangerous (or in this thread, greedy). I guess both can be true you're constantly buying and selling, don't have a broad mix of securities and want to hit it BIG, but slow and steady really is the way to go here.

[AZLD4Candidate]

5. Fucking Biden. Look what he did! Sleepy ass, old coger needs to resign for the "damage" he's done!

Seriously. . .I want the "winning" of Agent Orange again! Now there's a man! Fucking Biden needs to be impeached for crimes against. . .well, I don't know.

PS: Since we live in a dimmest time in history, this is what we used to call sarcasm!

[geardaddy]

9. Bingo

"but, but, but INFLATION!"

[Escurumbele]

33. It's actually...but, but, but, her emails!

[BlackSkimmer]

13. "Codger". nt

[jimfields33]

16. Everyone forgot what happened in october 1987.

[Yellowdog-1966]

49. I didn't know it was around in 1897

🙂

[Sympthsical]

71. I misread the date in the OP

And was like, "Oh dear God, did I miss something?!"

[jaxexpat]

22. He-ah now, pardnuh, hold 'er reyet theyuh, yore shore gittin' mitey close to,

could I have a drum roll, please? A..................uh....class 1h snarkasm, punishable by one to one be-ration from a codified, verified and bonified keeper of the lines which one must straddle to stay in good standing with whoever's the least tolerant of humor at the moment, for not less than: one, 10 minute diatribe of mind-numbing and redundant explanation delivered in true-tuned* monotone (and no Mr. Pibb or Dr. Pepper, either).

Just as the law requires and the statute clearly delineates: each sarcasm event must be bounded by a red label at the beginning and end of each sarcastic collection of said sarcastic words, said label to be composed of black letters no less than 3" high printed onto a red background and be posted no lower than 36", nor higher than 60" above the nearest adjacent podium floor level. Failure to provide such sarcasm warning documentation or to provide an unauthorized notice outside the proscribed warning description will result in ruffling someone's feathers. Results for definitions and attachments re: feather ruffling can be found in sect.5, par. 3 of the Universal Code of Correct Political Speech Stuff handbook, edition 6, 7th printing, a copy of which is available (while supplies last) at Wayward Brothers Printing and Cursive, Inc. LLC. Please provide a self-addressed pre-paid 8" x 12" return envelope and $17.74 (money order or check), payable to "Sign on the Blank Line, Ltd." 1917-1/2 Bolshevik Boulevard, Our Cousin of the Sacred Heart, Illinois 46108-1917.5 (not to be confused with the Bolsheviks next door who make all kinds of noise at every full moon and don't keep their lawn clippings in a neat pile 2' behind the curb like everybody else, nasty, nasty commies).

1st warning..............


*true-tune; "the echo of everything", patent applied for, not available in Kansas or Timbuktu

[DURHAM D]

6. Should I take my RMD for the year? nt

[bucolic_frolic]

7. I think we're having an overshoot on the upside and it could last several months

I seem to recall from a couple years ago someone had posited the Dow approaching 38-39,000. But I have peeled off slightly recently just to hedge the move. So far my timing is off.

Bad news could derail the trajectory. YouTube is abuzz with some reliable investing gurus I follow saying the banking crisis is about to unfold. Not on large banks, but on small ones. A liquidity crisis, and the Fed always floods with money at that point. Lowered inflation strengthens their hand, they now have options going forward.

I trade and hedge but buy sector or regional ETFs and mutual funds. Eastern Europe has been sweet if you bought near the bottom. But it's a long term play. I avoid index funds, except after crashes. When doom is rampant, better find something beaten up and buy it.

I remind everyone that META (Fadebook), was $88 last Nov 1. It's $318 today. It's moved $230, more than triple in 9 months.

[SpankMe]

8. Yeah, we tax-and-spend, woke liberals pretty much destroyed the economy, didn't we?

[Pinback]

11. Must be the delayed effect of Trump's policies

You know, like how the horrendous inflation in Reagan’s first term was all Jimmy Carter’s fault, and the roaring economy during the Clinton years was a parting gift from Saint Ronnie?

Funny how Republican market timing works!

[LymphocyteLover]

18. Of course!

[Backseat Driver]

10. Greed is good

I'll have and bubble tea, please!

[Kennah]

14. Just bought some bread so I'm off to the circus

[Backseat Driver]

25. Entertainment and lifestyle vices are so entertaining

and distracting from what we cannot control even when we know better. Cha-Ching! Have a smoking gun, a sweet dessert, and a beer to wash down the bread and butter, and have a great day at the circus of your choice! Send me a souvenir, would you?

[orthoclad]

65. We keep pumping money into the casino

Rewards are enough to keep us hooked, while those with the leisure, resources, and/or expertise research the hell out of stocks OR manipulate them (some get caught and a cost-of-biz fine) OR pay experts to do it all for them, and make vast generational fortunes. Using the mass of money that we peons pump into the market for a pool to swim in.

Since I lived way under my modest means and had a little surplus, I had a chance to test that in the Great Recession. I bought low in my IRA. Huge return when it recovered. While millions of people lost their homes and livelihoods. The 1% strategy works.

[brooklynite]

20. Investing is greedy?

[Dorian Gray]

64. I'm sure there will be an argument for why it is

and I suppose if you're putting it all into the next big thing to make a ton of money (Bitcoin, etc) it can be. But, the way most decent financial planners would have you invest, it's quite a boring process meant to give you a higher yield than planting your money in the banks. (I guess an argument could be made that THAT is greedy, but I think that's ridiculous.).

[gab13by13]

12. Bidenomics Baby!

[onenote]

57. I'm glad the dow is up, but I'm wary of giving credit, or blame, to a president

For example, when Biden was inaugurated, the Dow was at around 31,188. It peaked at 36,799 on January 4 of this year. It's low was 29202 in October 2022. Even with the sustained rally (not counting yesterday's drop), it was at 35,520, down over 1000 from the Biden term high.

I'm not blaming or crediting Biden with those results. Just as I'm not crediting or blaming Trump for the ups and downs of the market during his presidency. He came into office with the market at around 19,800. It hit its low point in March 2020 at 18,591, but came back and ended up at its high of 31,180.

There are many things that impact the stock market -- what a president does is only one of them.

[OMGWTF]

15. I'm so old I remember when the Dow was flirting with ending the trading day at 2000.

[multigraincracker]

17. Simple rule.

Buy low
Sell high

[brooklynite]

21. Wrong.

Buy when you can afford to invest. Sell when you need the money.

[republianmushroom]

19. And some want to go back to trump/republican economics.

And the dumb just keep getting dumber.

[BadgerMom]

23. 1897??

[sdfernando]

24. Not sure this is as impressive as it may seem.

the DJIA was created less then a year earlier on May 26, 1896....and I believe the 1st big crash was less than 2 years later in 1899.

[wryter2000]

27. Someone correct me if I'm wrong

Didn't Biden hire someone named Jared Bernstein to be his economy advisor? I heard he was an old fashioned demand side economist.

Biden is the first president I heard say trickle down doesn't work. Everyone else was doing their best within Reaganomics. Biden has NIW proved this way is better.

[Beastly Boy]

50. Clinton said trickle down doesn't work

https://www.arkansasonline.com/news/2019/nov/21/trickle-down-is-a-dead-end-clinton-says/

And Clinton raised taxes that was followed by the most sustained economic boom in decades

Obama said the same thing: https://archive.thinkprogress.org/obama-on-trickle-down-economics-it-doesn-t-work-it-has-never-worked-e92be238bde7/

[wryter2000]

79. I knew about their economic bills

And their successes. I thought we were still pretending Reaganomics were valid. Thanks for the correction.

[Ferrets are Cool]

28. And most of the rich will STILL vote repug.

[Bear Creek]

29. As usual

Does nothing for for 99% of us. Tired of the yeah stock market. When are they going to be taxed? When is all of us being put through hardship for the benefit of the 1%.

[Old Crank]

30. It actually does good for a lot more than 1% of us.

About 60% of ameicans own stock in various forms. For the most part regular workers have money in the defined payment retirement accounts through work. These replaced the difined bennefit plans. These are unfortuneatley not as good for peopel on thelowest wage scale because the workers can't afford to accumulate much even if they have matching funding from their company.

But a lot of people have exposure. Here is probably more information than you want to know about stock ownership in retirement accounts.

https://www.census.gov/library/stories/2022/08/who-has-retirement-accounts.html

[Bear Creek]

31. Not really

4o1ks are miniscule. Same thing when it went high during Bush Jr. no benefits for the majority of Americans. Not to mention the destruction of the environment for that monster.

[Old Crank]

32. Believe what you will

It is true that most of the stock market is held by the 1%. However there are a lot more than 1% that have a large stake, for them, in the market through retirement accounts.My wife and I being two of them and we were never in the top 10%

[babylonsister]

34. I am also in that category, as many are.

I've been watching my IRA aka retirement nest egg lose 'money' like crazy, so this news is welcome!

[Bear Creek]

38. Again

The 4o1ks are miniscule. Usually this is a big warning that it is going to crash. If you can take a loan out and pay it back protects you from losing so much.

[Zeitghost]

41. Miniscule?

Retirement accounts control ~30% of the total market capitalization.

[orthoclad]

59. That's why they created IRAs etc,

so that the 1% has more money to play with in the stock market.

30% of market cap is from people who don't have insider or expert knowledge. Those with insider and expert knowledge get to buy and sell that money.

[Zeitghost]

66. Yes, that's the idea

Because when those with expert knowledge trade with your money, they only make money when you make more money.

[orthoclad]

67. It's not about us making more money -

It's replacing Social Security with the stock market, back-door privatization of retirement security. Another legacy of Reagan.

[Zeitghost]

69. SSI + IRA SSI

n/t

[Bear Creek]

74. Absolutely

They want every last cent

[orthoclad]

77. They want to use our savings as a mass

of money that they can manipulate and speculate on.

[WarGamer]

46. the 1% thing doesn't tell the whole story, as you said

The biggest holders of ANY stock are the mutual funds and investment banks and State retirement funds.

All of those DIRECTLY help PEOPLE earn money for retirement.

[orthoclad]

61. And when most people suffer through recessions,

the wealthy use them for buying opportunities. They love low stock prices.

[progressoid]

42. Stock ownership is concentrated among the wealthy and white

When measuring the value of stock holdings, wealthier Americans have more money invested in the market. Families in the top 10% of incomes held 70% of the value of all stocks in 2019, with a median portfolio of $432,000. The bottom 60% of earners held only 7% of stocks by value. The median middle-class household owned $15,000 worth of stock.


Stock ownership is highly affected by race and ethnicity, which also are highly correlated to income and wealth. Some 61% of white, non-Hispanic families owned stocks in 2019, only 34% of Blacks and 24% of Hispanics did. Measured by value, 24% of white, non-Hispanic family assets were in stocks, compared to 13% for Blacks and 10% for Hispanics.


https://www.usnews.com/news/national-news/articles/2021-03-15/who-owns-stocks-in-america-mostly-its-the-wealthy-and-white

[SYFROYH]

40. What do you mean by miniscule? Compared to what?

Most workers I know have more value in their 401Ks than net value in their homes.

[Bear Creek]

48. Overall

The amount going to 4o1ks is miniscule. No large benefit to anyone. 4o1ks were never supposed to be a replacement for pensions. Republicans forced them down our throats during Reagan. The democrats need to do something about this. The fees and fines charged by the companies offering them is criminal.

[WarGamer]

45. The stock market affects EVERYONE, one way or another

My favorite example.

The State of California uses a few investment funds called CALPERS and CALSTRS that are invested in the stock market and the PROFITS from those funds pays for the retirement benefits of school teachers, police and fire, librarians, engineers, basically everyone with a State career.

When the market goes through a rough patch, California will take BILLIONS out of the general fund to prop up the retirement system... this affects State taxes and the distribution of OTHER benefits.

Retired, on SS with ZERO investments?

Your COLA are likely to be correlated to times when the market is roaring which can lead to higher inflation. Your utility bills and pharmaceuticals costs are likely to be affected by the market.

[Bear Creek]

47. Not really

It is disconnected from the reality of the majority people in this country.

[BlueIn_W_Pa]

53. Another twist not mentioned

is that those who are putting money in retirement funds or investing, a high stock market SUCKS!! Especially being such an overpriced market from COVID free money.

No different than those who have homes are happy campers, while the next generation can't afford to even get into one.

[brooklynite]

55. The stock market IS taxed. We pay a significant amount of Capital Gains Tax every year.

[BannonsLiver]

68. Is that because of your wealth?

I know you like to keep that private. I mean you never mention it, or allude to it, or talk about it here at all, really never, so I was just curious if it was because of your wealth? 🤷‍♂️

[brooklynite]

72. We've done very well investing since we got married and held Govt jobs...

...we also chose not to have children, which saved us several hundred thousand dollars of expense.

Would you like me to discuss the benefits of my Government pension?

[brooklynite]

56. Damn those Union Pension Funds cashing in on a bull market.....

[summer_in_TX]

35. I think there's a typo in the headline.

Looks like some digits were transposed.

[WarGamer]

36. ouch -235 today

[former9thward]

37. And the streak ends.

Down 239 points subject to post 4 pm adjustments.

[Bear Creek]

39. The stock market

http://robertreich.org/post/633348633756041216

[progressoid]

43. +1

[malaise]

44. But but but the Slobfather said that the stockmarket would crash if Biden won

https://www.nbcnews.com/video/trump-if-biden-is-elected-the-stock-market-will-crash-94451269581

Trump: If Biden is elected, 'the stock market will crash'

[onenote]

52. And some of his cult probably dumped their stocks. Of course, the same is true

for some folks, including DUers, who predicted the market would crash when Trump was elected and recommended getting out of the market.

The best decisions about the stock market are made with the advice of a professional.

[DFW]

70. Not all professionals

I was "advised" by a professional to sell Apple some 15 years ago "if it went below 190."

I had 500 shares that I had bought in 1998 at $38. It split twice, and went to 189, and they sold it for me. I would have now been about $2.5 MILLION better off if I hadn't listened to them. During the Cheneybush recession in 2008, that same "professional" told me NOT to buy Texas Instruments at $20 because I shouldn't put too many eggs in one basket. It is now $177.

I stopped listening to professionals then.

[brooklynite]

51. Friday: Dow up another 153.....

[garybeck]

58. looks like you jinxed it :)

[Celerity]

78. Yes: The Dow sinks, snapping its longest run since 1987

https://edition.cnn.com/2023/07/27/investing/dow-stock-market-news-today/index.html

New York
CNN
—
The Dow slipped on Thursday, snapping a 13-day winning streak. The blue-chip index fell 237 points after being on track to close higher for a 14th consecutive session. That would have marked the Dow’s longest run of consecutive gains since May 1897.

If the Dow had closed higher Thursday and Friday, it would have notched 15 days of gains, its longest daily winning streak ever.

But the index’s run was at historic levels before it was cut short Thursday: On Wednesday it notched its 13th straight day of gains, its best winning streak since 1987 and its highest level since February 2022.

The Dow, up roughly 6% for the year, has rallied in recent weeks as cooler-than-expected inflation data has investors more optimistic that a soft landing, or no recession, could be in the cards for the economy. That, in turn, has spurred investors to snap up shares of cyclical stocks, or shares of companies that are sensitive to the economy.

[edhopper]

73. Friday Dow midday

up over 200

[onenote]

75. Uhhh.... Friday midday, Dow is UP over 200.

Not predicting where it will end the day, but not sure why you posted it was down 200 today.

[edhopper]

76. You are right

weird. I searched DJIA and a chart shows it down over 200. But then I click the link (CNN Money) and it does show it up.