Market Snapshot: S&P 500, Nasdaq record longest winning streaks in two years

by | Nov 7, 2023 | Stock Market

U.S. stocks closed higher Tuesday, with the S&P 500 and Nasdaq Composite recording their longest win streaks in two years as oil prices retreated and investors weighed comments from Federal Reserve officials.What happened
The Dow Jones Industrial Average
rose 56.74 points or 0.2% to end at 34,152.60. It is the longest winning streak for the index since July 26, 2023 when it rose for 13 straight trading days.

The S&P 500
gained 12.40 points or 0.3% to close at 4,378.38. It advanced for seven straight sessions, its longest win streak since Nov. 8, 2021.

The Nasdaq Composite
advanced 121.08 points or 0.9% to finish at 13,639.86, securing its longest win streak since Nov. 8, 2021.

What drove markets The extended bounce for equities comes after a three-month pullback that saw the S&P 500 and Nasdaq slip into a market correction — a decline of at least 10% from a recent high. But investor pessimism had been overdone, argued Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management, in a note.

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