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Stock Market News, May 9, 2024: Dow Extends Winning Streak; Airbnb Shares Slide
Arm shares fell after the British chip designer reported results
Last Updated:
May 9, 2024 at 6:16 PM EDT
19 days ago
Heard on the Street Wednesday Recap: The Dow Presses On
Wednesday was a good day for investors who favor the types of seasoned companies that dominate the Dow Jones Industrial Average. Those who favor flashier Nasdaq names may have felt left out.
The Dow continued to gain ground, rising 0.4% to extend its winning streak to six consecutive days. Though the Dow can sometimes be driven by flukes of its construction—it is price-weighted, so stocks with higher prices count for more—Wednesday’s gain was broad-based. Of the index’s 30 components, 21 ended the day in the green.
The broader S&P 500 was about as close to flat as it could be (it fell 0.001%). The tech-heavy Nasdaq slipped 0.2%, weighed down by losses in some of its major components, such as Tesla.