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The Dow Jones Industrial Average was recently trading 9% above its 50-day moving average!
That’s the widest such range since June 2020, according to FactSet and Dow Jones Market Data.
The Dow Jones Industrial Average was recently trading 9% above its 50-day moving average!
That’s the widest such range since June ‘20, according to @FactSet and @DowJones#data #DataAnalytics #charts pic.twitter.com/bkp3HKUItB— The_Journalbiz (@the_journalbiz) November 25, 2022
Factset & Dow Jones chart & data
The 50-day moving average is a closely watched technical indicator. When an asset or index crosses its moving average, that can signal a shift in trend direction.
The blue-chip index has been at least 9% above its 50-day moving average seven other times since 1990, according to Bespoke Investment Group.
Stocks are mixed on Friday as the end of the holiday-shortened trading week nears.
- The S&P 500 is little changed, rising less than 0.1%. Healthcare is the best-performing sector, rising 0.7%. Information technology is the laggard, dropping 0.7%.
- The Dow Jones Industrial Average is up 177 points, or 0.5%.
- The Nasdaq Composite is down 0.5%.
S&P Global Market Intelligence expects holiday sales to rise 4.5% this year, slowing from last year’s 12.6% pace but still above prepandemic levels.
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But adjusting for inflation, holiday sales are expected to decline for the first time since 2009, according to S&P Global, suggesting that people are buying fewer, higher-priced items.
Nevertheless, U.S. stocks have historically done well on Black Friday. The S&P 500 has risen in 50 of the last 71 Black Friday trading sessions, according to Dow Jones Market Data.
The S&P 500’s average Black Friday gain is 0.3% since 1950.
In corporate news, shares of Activision Blizzard were down 4.1% after Politico reported late Wednesday that the Federal Trade Commission was likely to file an antitrust lawsuit to block its acquisition by Microsoft.
Tesla was down 0.2%. The car maker is recalling about 80,000 cars in China because of software and seat-belt issues, the country’s market regulator said Friday
