The stock market rebound is now a historic winning streak
A turbulent period for stocks around new tariff policies from the White House has remarkably given way to Wall Street's longest winning streak in 20 years. The S & P 500 rose again on Friday, notching a ninth straight positive session for the first time Nov. 5, 2004. The index also traded above its April 2 close for the first time since the major tariff announcement a month ago. .SPX 3M mountain The S & P 500 has risen for nine straight sessions, hitting its highest level in a month on Friday. Not to be outdone, the Dow Jones Industrial Average also cashed a ninth straight winning day, its longest streak in more than a year. In London, the winning streak for the FTSE 100 index hit a record of 15 consecutive days . The rally doesn't appear to be a weak one either, at least according to technical experts. Mary Ann Bartels, chief investment strategist at Sanctuary Wealth, said Friday on CNBC's " Money Movers " that the S & P 500's winning streak seems to be repairing some technical damage caused in early April. "The breadth of the market has been really strong, and a number of my breadth indicators are giving buy signals . Volume is not bad, but it's decent enough, and if we can go up and test resistance near the 200-day moving average near 5,745, or even get above it around 5,800, there's a chance we don't have to go down and test those awful lows at 4,835," Bartels said. There have been some positive news and data points to help support this rally. The April jobs report came in better than expected, and there have been some positive signs about potential trade negotiations between China and the U.S. But even against a positive backdrop, this move for the stock market stands out as being unusual. "We will stick our neck out to say we won't go up every day as we have since last Monday. And we will even go on to say the S & P 50-day around 5700, pretty much where we are now, is a logical stalling point — even bull markets don't go straight up," Wellington Shields technical analyst Frank Gretz said in a note to clients Friday. Of course, not every data point suggests that the economy and markets are in great shape, such as Apple's warning of $900 million in tariff-related costs for the current quarter. That has led to an uneasy combination of a historic winning streak at the same time that Wall Street analysts and economists are dialing back their expectations for growth. "If half of your brain is technical and half fundamental … you probably have a migraine," Gretz said.
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