The Dow Jones Industrial Average was on pace for its best run in 126 years before snapping the historic winning streak on Thursday and slipping ahead of its 15th straight day of gains.

On Wednesday, it notched its 13th straight day of gains as Meta shares jumped 8% on the back of a strong earnings report.

The blue-chip index fell 237 points or 0.7% after being on track to close higher for a 14th consecutive session.

The S&P 500 also fell 0.6%, while the tech-heavy Nasdaq Composite fell 0.5%. The Dow Jones Industrial Average also fell 0.7%.

If the Dow had closed higher on Thursday and Friday and recorded 15 days of gains, its longest daily winning streak on record and the Dow’s longest consecutive winning streak since May 1897.

The Dow Jones Industrial Average was on pace for its best run in 126 years before breaking the historic winning streak on Thursday and slipping ahead of its 15th straight day of gains

It posted its 13th straight day of gains on Wednesday as Meta shares jumped 8% on the back of a strong earnings report

After several weeks of weak progress, shares of Meta Platforms rose after the company reported surprisingly positive results in its third-quarter earnings report.

The stock rose 8.3% for the week from Thursday.

CEO Mark Zuckerberg said: “We continue to see strong engagement in our apps and we have the most exciting roadmap I’ve seen in a while with Llama 2, Threads, Reels, new AI products in preparation and the launch of Quest 3 this fall.’

Indexes fell a day after the Federal Reserve raised interest rates on Wednesday.

According to the Wall Street Journal, US government bond yields rose as bond prices fell. The yield on the benchmark 10-year Treasury note rose to 4.011% from Wednesday’s close of 3.85%.

“Our own view is that Fed rates have peaked,” Seema Shah, chief global strategist at Principal Asset Management, told The Wall Street Journal.

“But with rising commodity prices and low unemployment,” she said, “we can’t entirely rule out the possibility of a resurgence of inflation lurking around the corner. “.

The US economy grew at an annual rate of 2.4% last quarter, raising hopes that the economy would continue to grow.

The blue-chip index fell 237 points or 0.7% after being on track to close higher for a 14th straight session

After several weeks of weak progress, shares of Meta Platforms rose after the company reported surprisingly positive results in its third-quarter earnings report

The U.S. economy grew at an annual rate of 2.4% last quarter, raising hopes that the economy will continue to grow

Meta Platforms rose as it reportedly achieved its strongest quarterly sales growth since 2021, while Southwest Airlines fell after it said business travel revenue had not returned to pre-pandemic levels.

But right now, nearly 80% of companies have exceeded Wall Street expectations.

Travel-related stocks moved in different directions. Cruise stocks jumped, while airlines fell.

Oil prices remained at 14-week highs.

“Looking ahead, market prices for a September hike are now 20% this morning, with an additional 21% chance of a November hike.” The market therefore expects just under half a further upside this cycle, before pivoting to rate cuts in the first half of next year,’ Deutsche Bank analyst Jim Reid said on Thursday. .

In June, stocks rallied after a strong US labor market report suggested a recession might not be as close as Wall Street had feared.

The S&P 500 was up 1.5% in afternoon trading and on track for a third straight winning week. The index is also hovering near the exit from its current bear market, which it slipped into in June 2022 when it fell 20% from its last high.

The Dow Jones Industrial Average rose 705 points, or 2.13%, to 33,767 as of 3:30 p.m. ET, while the Nasdaq composite was 1% higher.

If the Dow had closed higher on Thursday and Friday and posted 15 days of gains, its longest daily winning streak on record and the Dow’s longest consecutive winning streak since May 1897

Meta also came to the public’s attention this week for its CEO Mark Zuckerberg facing a contempt of Congress charge this week as Republicans escalate their war on Big Tech.

The House Judiciary Committee is holding a potential vote this week to hold Zuckerberg in defiance of Congress over the fight for documents in the GOP investigation into Big Tech.

The Republican-led panel, led by Ohio Rep. Jim Jordan, is expected to hold the contempt vote on Thursday — which could move the case forward in front of the full House.

That would increase pressure as congressional Republicans try to compel the company to hand over documents it says Facebook owner Meta has refused to hand over.