Dow on winning streak...Late arrivals to the speediest rally in stocks since the Great Depression pushed stocks higher for a third week on Friday, despite growing signals of an overheating market.
More than $8 billion flowed into U.S. equity funds for the week ended February 16, according to Thomson Reuters Lipper data. Analysts said investors appear reluctant to sell despite slack volume and a narrowing spread between winners and losers.
"We've had one of the most impressive rallies in recent memory, but the fact is any dip is met with substantial buying power," said Ryan Detrick, chief technical strategist at Schaeffer's Investment Research in Cincinnati.
About 7.2 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq, far below last year's estimated daily average of 8.47 billion. But some point to a lack of sellers as the reason relatively few shares are changing hands.
"Volume hasn't been normal for a bull market," Detrick said. "The retail crowd has missed a good chunk of this rally."
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 12,391.25 |
|---|---|
| Trade Time: | 4:02PM EST |
| Change: |  73.11 (0.59%) |
| Prev Close: | 12,318.14 |
|---|---|
| Open: | 12,318.67 |
| Day's Range: | 12,303.23 -12,391.29 |
| 52wk Range: | 9,596.04 -12,418.00 |
