Dow Jones: 11 stocks fuel Dow’s incredible 10-day rally

The Dow’s 10-day rally continues to make history — it hasn’t since 2017. And investors can thank a select group of stocks for most of the gains.


Eleven Dow Jones Industrial Average stocks, including Goldman Sachs (GS), UnitedHealth Group (UNH) and (CRM), have risen 5% or more over the past 10 trading days, according to an Investor’s Business Daily analysis of data from S&P Global Market Intelligence and MarketSmith. The Dow itself is up 4.4% over the period. Interestingly, none of the megacap tech stocks, Apple (AAPL) and Microsoft (MSFT), are the main contributors.

It’s an impressive rally. The Dow Jones has not risen for 10 straight days since Aug. 7, 2017, according to Dow Jones. And the gain of 1,492.81 points, or 4.4%, is the largest 10-day point gain since November 23, 2022 and the largest 10-day percentage gain since April 5, 2023.

Best Dow earnings percentages in the last 10 days

BusinessTeleprinter10 days % ea.Sector
Goldman Sachs (GS)11.8%finance
UnitedHealth (A H)9.9%Health care
Selling power (RCMP)8.8%Computer science
JPMorgan Chase (JMP)7.5%finance
Amgen (AMGN)7.5%Health care
Johnson & Johnson (JNJ)7.2%Health care
3M (MMM)7.0%Industrial
Intel (INTC)6.7%Computer science
Home deposit (HD)5.9%Consumer Discretionary
International Business Machines (IBM)5.2%Computer science
caterpillar (CAT)5.2%Industrial
Source: S&P Global Market Intelligence, MarketSmith

But the Dow Jones, unlike other popular market measures like the S&P 500, uses a dollar-weighted methodology. With this methodology, the stocks with the highest prices per share hold the most influence in the index.

And looking at the 10-day rally this way, five stocks accounted for 100 Dow points or more of the measure’s roughly 1,600-point gain over that period. UnitedHealth is the top contributor, adding 300 Dow points alone. Next is Goldman, which itself added 244 Dow Jones.

Top Dow Points Earnings in the Last 10 Days

BusinessTeleprinterDow points addedSector
UnitedHealth (A H)30.01Health care
Goldman Sachs (GS)244.1finance
Selling power (RCMP)121.5Computer science
Home deposit (HD)117.7Consumer Discretionary
Amgen (AMGN)107.4Health care
Source: S&P Global Market Intelligence, MarketSmith
Follow Matt Krantz on Twitter @mattkrantz

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