The Dow Jones industrial average has reached a new record with the encouragement of new data, while President Joe Biden is signing the Covid stimulus bill. New list Roblox (RBLX) jumped higher in its second day of trading, while EV shares Tesla (TSLA) and Nine (NIO) also made big profits.
Technical stocks continued to rise as yields stabilized below recent highs, with appeal (AAPL) and Microsoft (MSFT) among the best performers of blue chip. Meanwhile, disk stocks also showed strong. The likes of ASML (ASML) and Leaderboard Inventory Taiwan Semiconductor (TSM) showed strong increases. Finally, Bitcoin holds a new record high, although it does increase some gains.
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Bidding is set to sign stimulus bill; Unemployed figures facilitated
President Biden is signing the $ 1.9 billion Covid relief bill on Thursday afternoon.
Measures include direct payments of up to $ 1,400 to Americans and an extension of the $ 300 per week unemployment insurance supplement.
Markets gained strength early on with US unemployment figures falling to their lowest level since the coronavirus pandemic was declared in late January 2020.
The figures from the Department of Labor showed that the number of workers applying for unemployment benefits dropped by 42,000 last week to 712,000. The figure is important as it serves as a proxy for redundancies.
Economists expect claims to ease as the economy reopens, with the increasing availability of coronavirus vaccines.
Since the pandemic began a year ago, the lowest figure for weekly unemployed claims was 711,000 in November.
The ten-year treasury yield is still trading at lower levels. It stood virtually flat at 1.53%, lowering Friday’s high of 1.62%.
Nasdaq Surges, S&P 500 rallies
The Nasdaq was the clear standout among the major indices, rising more than 2.5%. Pinduoduo (PDD) was the top performer and achieved almost 10%.
US stock market overview today |
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|---|---|---|---|---|
| Index | Symbol | Price | Profit / loss | % Change |
| Dow jones | (0DJIA) | 32655.32 | +358.30 | +1.11 |
| S&P 500 | (0S & P5) | 3956,24 | +57.43 | +1.47 |
| Nasdaq | (0NDQC) | 13405.70 | +336.87 | +2.58 |
| Russell 2000 | (IWM) | 231,60 | +4.38 | +1.93 |
| IBD 50 | (FFTY) | 46.98 | +1.87 | +4.15 |
Last updated: 11:54 PM ET 3/11/2021 |
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The S&P 500 achieved a moderate gain of approximately 1.5%. Mining stock Freeport-McMoRan (FCX) en Etsy (ETSY) was the biggest winner here, with both about 8%.
The volume was lower compared to the same time Wednesday. Trading fell 12% on the Nasdaq and 13% on the NYSE. CAN SLIM investors prefer the volume to be higher on a higher day.
The S&P sectors have all increased. Technology was the biggest winner, with leading communications services and a discretionary consumer.
Growth stocks also had a solid session, with the Innovator IBD 50 ETF (FFTY) making a gain of more than 4%.
Apple Stock, Boeing Boost Dow Jones
The Dow Jones industrial average dropped the other major indices. It nonetheless set a new record after rising more than 1% and scoring nearly 500 points.
Apple shares were among the Dow’s biggest winners, rising 1.9%. The recent reversal has drawn it closer to the 200-day line, but it is pulling away again. The relative strength line for Apple shares should improve as it has fallen since the end of January.
Microsoft shares are in a buying zone after making an even better gain of 2.6%. It broke out of a consolidation pattern, the MarketSmith analysis shows. The ideal buying point is 232.96.
Boeing (BA), however, made the biggest profit, with almost 4%. This is an attempt to reach a cup-based purchase point of 244.18, the MarketSmith analysis shows. However, earnings and stock market performance remain weak.
Roblox Stock jumps again
The online gaming platform Roblox rose again on its second day, rising by about 4%. However, it lowered some of its early gains.
Roblox had a suggested price point of $ 45 per share, giving it a fully diluted market value of $ 29 billion. But the Roblox stock shot up 54.4% on its first day of trading, closing at 69.50.
The Roblox exchange was a direct listing on the New York Stock Exchange.
With a direct listing, no new shares are created and sold in the company. The Roblox stock exchange will also not raise any capital. Instead, current investors may start selling existing stocks based on the question of when trading begins.
The company’s eponymous “Roblox” game was the largest mobile gaming game of 2020 in the U.S., according to information provided by Sensor Tower. It surpasses ‘Candy Crush’, which has been the best game for the past three years.
According to Roblox, it has 32.6 million daily active users by the end of 2020, which is 85% higher than the previous year. Revenue rose 82% to $ 924 million during the year. It showed a net loss of $ 253 million, compared to a net loss of $ 71 million in the previous year, according to the Roblox IPO filing.
Tesla Stock, Nine Charge Higher
The Tesla share reached top gear again on Thursday. It increased by about 3%. That means it builds on Tuesday’s rally by 19.6%, despite yesterday’s decline. His RS line turned higher again, which is an encouraging sign.
Tesla shares used to break through the 50-day moving average, but the 200-day line was good. It has a composite rating of 90.
Tesla’s recent poor performance has led to him losing his place on Leaderboard.
Chinese rival Nio made an even better profit, by more than 6%. It also suffered a setback on Wednesday after the Tuesday increase of 17.4%. It remains brown below its 50-day moving average, but is now completely clean of its 200-day line.
Nine stocks were hit badly after an attempted breakthrough of a 57.30 entry failed.
FANG Bares Fruit
Technology stocks were among the hardest hit amid rising returns. But big technology is pulling back after cooling off.
Facebook (FB) ’s share rose nearly 4%, rising after regaining its 50-day line. It formed a consolidation pattern and aimed to reach an access point of 304.77.
Amazon (AMZN) achieved a more moderate profit of just over 2%. It has now taken its 200-day line again an important step. This is very embarrassing for the buying point of the consolidation pattern of 3,552.35.
Flowing giant Netflix (NFLX) pulled off its 200-day line after making a profit of nearly 2%. It looks like it’s forming a new base. However, its relative strength remains weak.
Google Parent Alphabet (GOOGL) was one of the strongest tech artists. After a slow start, it was trending upwards, with a gain of almost 3%.
Google shares are expanding from a flat base purchase price of 1,843.93.
Chip stocks flex muscles
A number of notable slide stocks made good profits. IBML 50 shares of ASML rose almost 5%.
It has now managed to climb back above its 50-day moving average.
ASML inventory is expanded from a double-bottomed base. The ideal access point was 401.25
The ranking of Taiwan Semiconductor achieved almost 6%. It sits just below the 50 day line. It is expanding from a flat base purchase point of 102.54.
The VanEck Vectors Semiconductor ETF (SMH) rose more than 4%. This now includes its 50-day line.
Bitcoin Eyes Record
Bitcoin slipped 0.1% on Thursday, according to CoinDesk. A single Bitcoin traded for about $ 56,600.
The price of Bitcoin peaked on February 21 and was $ 58,332, a point that now seems within its capacity.
Nevertheless, the price of Grayscale Bitcoin Trust (GBTC) rose anyway. It achieved about 2%.
He wants to extend his current winning streak to five sessions in a row. GBTC shares continue to move above the 50-day moving average.
These shares pass buying points
Vale (VALE) stock has picked up in the buying zone. It broke out of a cup-with-handle base with a 17.78 buy point. It is higher than its 50-day line, and its RS line is rising.
Vale is one of the largest miners of iron ore. The stock received a boost after commodity prices recovered when the world economy began to rebound, helped by spending infrastructure in China, coupled with limited supply elsewhere.
The recent IBD stock of the day has a perfect IBD composition of 99.
Electric car manufacturer Regal Beloit (RBC) is also in the buying zone after breaking out of a cup base. The ideal buying point here is 147.07.
The stock has a solid composition rating of 85. Big money has made up for the stock, which is reflected in the accumulation / distribution rating of B.
Follow Michael Larkin on Twitter @IBD_MLarkin for more information on growth stocks and analysis.
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