Stock market’s winning streak means it’s time to act with caution
DENVER — It was another day of good news on Wall Street Thursday as the market extended its longest winning streak in more than 15 years.
The Dow closed at 14,539 after picking up another 84 points Thursday. It’s the 10th straight day of trading in which the Dow ended up. It’s the longest streak since 1996.
The news has people like Katey Driscoll in Denver cautiously optimistic.
Driscoll is a stay-at-home mom and a former investment banker.
She keeps an eye on the markets as she helps her daughters with their homework. She says of the market high, ”Honestly I think it’s kind of surprising.”
She says she believes the winning streak brings more relief than confidence for people. She says, “You know we’re still here, the world didn’t end. People who are saving for instance, to send their kids to college, I think it’s tremendously encouraging.”
Fred Taylor is the President and Co-Founder of North Star Investment Advisors, LLC.
He says the streak should encourage people to continue to spend. He says, “It’s been quite something. You can see it in housing. The housing market has done extremely well this last year. And look at auto sales, we’re almost back to 15 million.”
Though things are certainly looking up, Taylor says it’s not time to panic and pour everything in to the market at once.
He suggests investing some money now and then waiting a month or two before adding to the investment. He says, “As we all know the markets are very mercurial, they go up and down all the time. We just happen to be on a winning streak with ten days up.”
Though Taylor also says the rise could show we are back on track. He says, “I think people should feel good about that and probably go out and spend more money.”