The Dow Jones Industrial Average Approaches October Record

The Dow Jones Industrial Average (Dow) continues to show a bullish turn, with four consecutive gains bringing the index within 800 points of its October record. As of midday Thursday, the Dow was up 173 points, or 0.7%, at 26,086, moving closer to its record high of 26,828.39 set on October 3.

The recent rally marks the fifth straight day of gains for the blue-chip gauge. Additionally, the Dow has formed a bullish golden cross, where its 50-day moving average surpassed its 200-day moving average. This event is often seen as a positive sign by market technicians. The Dow's 50-day moving average is currently at 25,180.51, while the 200-day moving average stands at 25,166.

It is worth noting that the last golden cross appeared on April 19, 2016, following a death cross that occurred 66 sessions prior on December 19. This showcases the significant shift in market sentiment.

Meanwhile, the broader market also saw positive momentum, with the S&P 500 index rising 0.6% to reach 2,851, and the Nasdaq Composite Index advancing 0.7% to reach 7,766.

The Dow's strong performance and the formation of a golden cross indicate increasing investor confidence and suggest a potentially bullish outlook for the market.