Chart of the Day – Monday, August 26, 2024

Highest daily closing price ever for the Dow Jones Industrial Average. The price-weighted index closed the day +0.16% but it was enough to surpass the July highs. #newalltimehighs $DJIA $DJI $DIA pic.twitter.com/EFRV1PGXsu

— Shane C. Murphy (@murphycharts) August 26, 2024

Today’s Chart of the Day was Shane Murphy (@murphycharts).

• The Dow Jones Industrial Average booked an all-time high today for the first time since mid-July. It only rose +0.16%, but that was notably better than the Nasdaq, which dropped -1.04%.

• It peaked on July 18th before correcting -6.1% on a closing basis and -7.0% on an intraday basis.

• The Dow was the first major index to recover to all-time highs after the bear market, and it has also been the first to recover from the recent correction as well. 

Takeaway: The Dow reached all-time highs for the first time since peaking in mid-July. It wasn’t a very convincing breakout, so further confirmation is necessary, but it’s the first index to recover from the recent correction.