Dow notches ninth gain in a row
NEW YORK -- The Dow Jones industrial average notched its ninth gain in a row, giving the index its longest winning streak in more than sixteen years.
The index edged up 5.22 points, or 0.04 percent, to 14,455.28. The Dow has risen every day this month and is up 10.3 percent this year, having surpassed its previous all-time high of 14,164.53 March 5th.
Demand for stocks has been propelled this year by optimism that the housing market is recovering and that companies have started to hire. Strong company earnings and ongoing stimulus from the Federal Reserve are also helping make stocks more attractive.
The Dow's last nine-day winning streak was logged in May 1996. In November of the same year, in the early days of the technology boom, it gained for 10 straight days.
Stocks overcame an early loss Wednesday, having edged lower at the start of the trading day despite an unexpectedly strong increase in U.S. consumer spending last month.
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