The Dow Jones Industrial Average notched its 13th straight day of gains on Wednesday, a feat not seen since 1987 when Ronald Reagan was in the White House.
The benchmark added a modest 82 points or 0.23% to hit the milestone which is now at the highest since February 2022, as tracked by Dow Jones Market Data Group.
The Dow 30 is up 7% year-to-date, is playing catch up to the Nasdaq Composite and the S&P 500 which have gained 35% and 19%, respectively over the same period.
.The Dow is 3.48% from its record close of 36,799.65 hit Tuesday, January 4, 2022.
Planemaker Boeing, considered a solid economic barometer, contributed the biggest gains to the Dow on Wednesday, rising 8% after signaling a production lift for its 737 Max jet as travel demand rebounds. The jet us a narrow body aircraft.
The milestone also came after the Federal Reserve raised interest rates, as expected, by 25 basis points to the highest in 22-years. Chairman Jerome Powell, in his press conference, declined to elaborate on when another hike or pause may occur.
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Federal Reserve Chair Jerome Powell speaks during a news conference at the William McChesney Martin Jr. Federal Reserve Board Building following a Federal Open Market Committee meeting on Wednesday, July 26, 2023 in, Washington. ((AP Photo/Nathan Howard))
"We're looking at the current data in GDP and we're seeing strong spending. We're seeing a strong economy. And it's made us confident that we can go ahead and raise interest rates. Now, for the third time since the March events. And I it seems like the economy is weathering this well. But of course, we're watching it carefully and expect to continue to do that" he said.