The last time the Dow Jones Industrial Average saw 13 consecutive days of being in the green, it was 1987 and Federal Reserve Chairman Paul Volcker had brought inflation down from a high of 11% in 1979 to 3.65%.

Thursday, the blue-chip index ended its longest winning streak in 36 years—its successive gains showing that Wall Street's tech-driven rally is broadening to include a wider chunk of the stock market.

The Dow Thursday declined by 0.67%, or 237.4 points, to end at 35,282.72.

While the S&P 500, which includes over 500 stocks, is many investment professionals' preferred stock market benchmark, the Dow's daily moves are widely quoted in news media, making it widely recognized by many Americans.

Its recent rally comes as traders widely believe that the U.S. Federal Reserve's 25 basis point rate hike on Wednesday was the last in its campaign to control inflation. Investors are also optimistic the U.S. economy will avoid a recession.

1897 RECORD

The Dow's longest-ever winning streak was 14 sessions, set in 1897, according to S&P Dow Jones Indices.

Even after its recent gains, the Dow has lagged Wall Street's other main indexes in 2023. It is up 7% year to date, compared to a 18% gain in the S&P 500 and the Nasdaq's 35% surge.

"The Dow has been the laggard of the big three, and now it seems to be playing catch up. I think that catch-up trade is bringing us to a healthier place," said Art Hogan, chief market strategist at B Riley Wealth.

The Dow's 30 constituents do not include market heavyweights Tesla, Meta Platforms, Nvidia or Amazon, major winners in a stock market rally this year fueled by optimism about artificial intelligence and an eventual end to the Fed's rate hikes.

"We are actually seeing the market broaden out, so it's not just about seven artificial intelligence anointed darlings," Hogan added.

3 GIANTS

Dow components Salesforce, Apple and Microsoft have rallied between 40% and 70% this year, making them the Dow's top performers. But the Dow has also been held back by declines of 10% or more in Amgen, Chevron , Verizon Communications and Walgreen Boots Alliance. Overall, nearly half of Dow constituents remain down in 2023, even after outperforming so far in July.

While the Dow's recent winning streak is unusually long, its overall strength has not been exceptional. The index climbed 4.8% since July 7, compared to 3.1% increase in the Nasdaq and a 3.4% rise in the S&P 500.

The Dow's last 13-day winning streak in January 1987 produced a gain of 11.1%.