Dow Set to Extend Best Record-Breaking Streak Since Late '80s, Nasdaq Turns Lower

New York (Feb 23)  The Dow Jones Industrial Average climbed for the 10th straight day on Thursday, setting itself up to extend its best record-breaking streak since the late 1980s. 

The Dow was up 0.2%, and the S&P 500 gained 0.12%, while the Nasdaq fell 0.18% after opening with gains.

The Dow added to its winning streak on Wednesday with only small gains, shrugging off the chances of another interest rate hike come March. The blue-chip index closed out Wednesday's session with its ninth straight day of record finishes. That marks its longest record-making streak in 30 years.

The Dow began its long stretch of records on the back of vague hints from Donald Trump over a forthcoming tax plan. However, with few developments on that front, the record rally has taken on a life of its own, benefiting from individidual stock moves, such as a better-than-expected quarter from Walmart (WMT) and reports DuPont (DD) could clear regulatory hurdles in its merger with Dow Chemical (DOW) .

The possibility that the markets are at a top shouldn't be ignored, argued James "Rev Shark" Deporre on Real Money, our premium site for active investors. Market "bears are focused on the possibility that Trump tax reform policies will be a disappointment and may not be easily passed," he wrote on Thursday. "It is economic optimism that has been fueling the rally since the election and the bears are certain that hopes are far too high."

Treasury Secretary Steven Mnuchin talked tax plans on Thursday, noting that the administration is working to deliver "very significant" tax reform before the August recess in Congress. Mnuchin told CNBC that the plan will focus "on a middle income tax cut and a simplification for business."

Source: TheStreet