Dow Jones Technical Analysis: Records Winning Streak

The Dow Jones Industrial Average Index rose during its recent trading at intraday levels, to achieve gains for the fourth consecutive day, by 0.45%. It added about 151.39 points and settled at the end of trading at the level of 33,912.45. It is achieving the longest series of gains since late May After rising by 1.27% during trading on Friday, last week the index rose by 2.92%.

The Federal Reserve Bank of New York’s Empire State Business Conditions Survey, a measure of manufacturing activity in the state for August, fell 42 points from July to -31.3. This was well below economists’ consensus of +5.0 before the release, down 6 points. It’s also the second largest monthly drop in the survey’s history.

The drop in the survey came from new orders and shipments, one positive side may be that there are signs of easing price pressures in August, supporting the narrative of peak inflation that has boosted markets recently. Analysts are also playing down the reading, if only temporarily, because manufacturing in New York is a small part of the country’s manufacturing base.

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