Hickey and Walters (Bespoke) submit: The last time the Dow had a one-day 2% gain was 558 trading days ago when it rose 2.06% on April 21, 2005. We went back to 1900 and found all similar streaks. The streak that ended today goes down in the record books as the longest since October 11, 1966, when the Dow went 735 trading days without a 2% rise.
For those interested, the longest streak (since at least 1900) occurred over the 973 trading day period from 12/18/1950 to 11/1/1954.
Just because the market goes a long stretch without any 2% one day gains doesn't mean returns are not positive. Over the 973 day record period during the Fifties, the Dow was up 53.22%, and during the streak that ended today it gained 32.87%.
And how has the Dow performed following the end of similar streaks? Positively. Of the six prior streaks of at least 500 trading days, the index was up over the next three months all six times for an average gain of 6.48%.
In the chart below we highlight all the 2% daily gains since the start of the bull market. While occurrences were a dime a dozen early on in the bull market, their frequency has waned considerably over time.