Wednesday's gains led the Dow to a three-day winning streak and put the blue-chip index, which tracks the 100-largest nonfinancial companies in the Nasdaq Composite, rose 0.5% to close 0.
Wednesday's gains led the Dow to a three-day winning streak and put the blue-chip index, which tracks the 100-largest nonfinancial companies in the Nasdaq Composite, rose 0.5% to close 0.3% below a record set on Feb. 19. The index has rallied more than 43% from an intraday low set on March 23. The Nasdaq Composite, meanwhile, is just 1.58% below its all-time high.Traders say the market's hot streak is large part thanks to optimism about the reopening of the U.S.
Equity of companies that stand to benefit the most under reopenings, those that bore the brunt of the market punishment earlier in the year, have led the major indexes higher over recent sessions. Cyclical stocks including energy, financials and industrials posted some of the largest gains on Wednesday with each S&P section up 3%, 3.8% and 3.9%, respectively.
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