The Dow Jones Industrial Average (DJIA) is set to conclude its striking 13-day winning streak, marking a significant moment in the index’s history. Unless a late-day rally manages to push the average back into positive territory, this streak will be remembered as the longest stretch of daily gains for the Dow since 1987. It falls just one session short of tying the impressive 14-day winning streak achieved back in 1897, over 125 years ago.
Many in the financial world have been left astonished by this remarkable streak. But which companies played a significant role in driving the Dow higher?
According to an analysis from Dow Jones Market Data, UnitedHealth Group Inc., UNH -0.41%, the most heavily weighted company in the Dow, contributed the most points to the average during this streak. Through noon Eastern Time on Thursday, UnitedHealth added an impressive 281.16 points on a net basis, thanks in part to a strong earnings report earlier this month that propelled its shares higher.
It is worth noting that the Dow differs from the S&P 500 and Nasdaq 100 in terms of weighting methodology. While the latter two indexes are weighted by market capitalization, the Dow uses share price as its determining factor. UnitedHealth’s shares closed at $508 on Wednesday, based on FactSet data.
Goldman Sachs Group, GS -0.68%, and Home Depot Inc., HD -0.19%, also made significant contributions as the second- and third-largest contributors respectively, before the Dow’s downturn on Thursday afternoon.
Interestingly, Apple Inc., AAPL -0.75%, and Microsoft Corp., MSFT -1.93%, the only two members of the “Magnificent Seven” group of mega-cap technology stocks included in the Dow, contributed surprisingly less to the streak. In fact, Microsoft’s shares had a negative impact on the index, while Apple contributed just 36.11 points up until Wednesday’s close.
For a more comprehensive breakdown, refer to the following:
| Company | Contribution to DJIA during streak | |———————|———————————–| | UnitedHealth Group | 281.16 points | | Goldman Sachs Group | N/A | | Home Depot Inc. | N/A | | Apple Inc. | 36.11 points | | Microsoft Corp. | Negative impact |
The Dow had been trading higher throughout the majority of Thursday’s session. However, it took a tumble into negative territory during afternoon trading following reports that the Bank of Japan might make changes to its yield curve control policy at its upcoming policy meeting in Tokyo. As of recent trade, the blue-chip gauge was down by 145 points, or 0.4%, sitting at 35,377.
