Hickey and Walters (Bespoke) submit: As some of you may already know, the Dow has not had a down day to end the week since March 16th. The rationale for this tendency to close out the week on a high note is that investors buy stocks anticipating another round of merger headlines when we wake up on Monday morning.
Below we took a slightly different approach to this analysis. Instead of calculating the percent change from the prior day's closing price to that day's close, we calculated the intraday range of the Dow using the opening and closing prices of its ETF (DIA). Based on this measure, the Dow's Friday streak began following the week of March 12th. However, it ended last week when buying DIA at the open and selling at the close was unprofitable for the first time since March.