Dow theory examines the the relationship between the industrial and transportation benchmarks named after Charles Dow.
Don't expect the Dow Jones Industrial Average 's momentum to 40,000 to stay in place, if one of the oldest indicators on Wall Street is to be believed. The Dow hit an intraday high of 40,051.05 on Thursday before closing slightly lower. It marked the first time the 30-stock average broke above 40,000. However, as R.J. O'Brien's Tom Fitzpatrick points out, Dow theory signals this run may be short lived.
The benchmark hasn't made a fresh record since Nov. 2, 2021, when it reached 18,246.51 on an intraday basis. In 2024, the Transportation index has slipped nearly 2%, while the 30-stock Dow has climbed 7% as of Friday. The Dow Transports index contains components such as airline companies Southwest and United as well as shipping firm FedEx , which is why the average is a better gauge of activity, Fitzpatrick noted.
United Airlines Holdings Inc Southwest Airlines Co Dow Jones Transportation Average Dow Jones Industrial Average Markets Investment Strategy Business News
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