The roaring rebound for stocks this year just made history.
Both the Dow Jones Industrial Average and Nasdaq Composite Index have yet to register a weekly decline so far this year. With more gains to close this week, both major indices notched a nine-week winning streak that started in the last week of the year.
This is the first time since 1964 that the Dow has rallied in each of the first nine weeks to kick off the year. The previous back-to-back week record was hit in 1964, when the Dow rose in all of the first 11 weeks through mid-March. Throughout those weeks, the Dow jumped 7 percent which was about half of its 14.6 gain for that year. Total, the Dow saw a 13-week winning streak that started in the last two weeks of 1963.
For the tech-heavy Nasdaq though, this marks the first time in history the index has risen in each of the first nine weeks of a year. The index was founded in 1971.
The gains come after the worst December for stocks since the Great Depression. Since then, stocks have more than rebounded into the black.
The Dow has rallied more than 11 percent this year. On Friday, the 30-stock index broke above 26,000 for the first time since Nov. 9. The Nasdaq is up 9 percent this year and closed 1.1 percent higher Friday, boosted by shares of Facebook, Amazon, Netflix and Alphabet. Equities have been helped by optimism on another round of trade talks between the U.S. and China and signals from the Federal Reserve that it will be patient in raising interest rates
BY CNBC NEWS
