Dow Jones Industrial Average Index

The Dow enjoyed a strong session on Thursday night, closing up over 400 points/0.9%. The ‘old’ index enjoyed a solid broad-based move, with only a lacklustre session by big tech reining in the gains. Like other global equity markets, we are looking for the Dow to enjoy a “3 steps forward, 2 back” style of advance through 2025, where buying dips and selling strength should add alpha to portfolios.

• The Dow is on course to test the 46,000 area in early 2025, or ~3% higher, but we are not chasers of strength this year.