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Welcome back from the Holiday break! With just four trading days left in 2016, the Dow Jones Industrial Average (DJIA) hasn’t had a down week since the election and enters today riding a seven-week winning streak where it has rallied over 12%. If the Dow finishes in the green this week, it will be the longest weekly winning streak for the index (on a total return basis) since November 2013 (also eight weeks).
Naturally, with stocks up every week since the election, Donald Trump has been taking a lot of credit for the rally, and why shouldn’t he? It’s hard to justify any other catalyst for the market’s strength. On the subject of winning streaks, the Dow is also on the verge of completing an even more impressive streak involving the number eight. With a total return of 17.7% already YTD, the Dow will finish up 2016 with its eighth straight year of gains (barring a cataclysmic crash), and over that span, it has rallied more than 180%. So while Trump can boast about an eight-week winning streak, you can bet that in the last remaining weeks of President Obama’s time in office, he and his surrogates will be boasting about an eight-year winning streak for stocks under his (and the FOMC’s) watch.