Here’s why it matters that the Dow keeps hitting new highs

MarketWatch2021-03-12

It’s the way most ordinary Americans track the stock market, and the economy It doesn’t get as much investor attention as the broad S&P 500 index or the sexy innovators of the Nasdaq Composite,but a ...

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Co-founder Jessica Rabe notes that just six of the Dow’s 30 holdings are responsible for its year-to-date gains. As of the close of business Wednesday and adjusted for rounding, they are:\n\nWhat does the performance of what Rabe calls “old school, mostly ‘industrial’” stocks tell us? “They all continue to reflect confidence in reopening trades and a steepening yield curve. We remain bullish on Energy,Financials and Industrials,” she wrote.\nOf course, the blue-chip Dow isn’t only made up of industrials, despite its name. Apple Inc. and Salesforce are in the index too – and are among its worst performers in the year to date, down 9.4% and 4.8%, respectively, through March 10.\n“Still, the rotation into cyclicals and out of tech has been far more helpful than harmful to the Dow’s returns,” Rabe wrote. “Despite that a third of Dow names are in the red [year to date], they only account for a collective loss of 493 points to the index, or still less than Goldman Sachs’ 610 positive point contribution YTD.”\nWhy should investors focus on this quirky small collection of price-weighted stocks? “It is still the way most Americans track the domestic stock market,” Rabe wrote. “There are far more Google searches every day for ‘Dow Jones’ than ‘S&P 500’ or ‘stock market.'”\nTo whatever extent “Main Street” feels good – and goes out and spends – when “Wall Street” is doing well, it’s the performance of the Dow that triggers that, she added.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":18,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1160019950"}