Dow Opens Slightly Higher Before Fed Decision as It Tries to Avoid 10th Straight Loss
The Dow Jones Industrial Average was slightly higher on Wednesday as traders looked ahead to the Federal Reserve’s December interest rate decision.
The Dow was higher by about 53 points, or 0.1%. On Tuesday, the Dow slipped 267.58 points, or 0.61%, for a nine-day losing streak, its longest since 1978. If the Dow were to fall for a 10th day on Wednesday, it would be its worst losing streak since an 11-day slide in 1974.
The S&P 500 was basically flat. The Nasdaq Composite was lower by 0.1%.
The Dow’s worst funk in 46 years was mostly caused by a rotation out of old economy shares and into technology stocks, a sector that the century-old measure underweights compared to broader market metrics. Despite the streak, the Dow sits less than 4% from an-all time high. Other measures of the market are holding up this month, with the S&P 500 in the green for December and sitting about 1% from an all-time high. The Nasdaq is up 4.6% this month as investors flooded into to tech shares, while shunning the Dow.
Source : CNBC
