The Dow Jones industrial average has climbed into today’s stock market as the blue chip index as well as the S&P 500 hit a new intraday high. The Nasdaq also rose significantly, with gains of more than 300 points, leading the major indices. During the last hour of trading, however, the three indices returned slightly from their highs of the day.
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Stock Market Today
The Russell 2000 index with small capital increases rose by 2.3%. The Nasdaq composition rose 2.5%, leading the market upside down. The S&P 500 traded 1% higher while the Dow Jones gained 0.5%. The volume was lower on the NYSE and on the Nasdaq, compared to the same time Wednesday.
The major indices initially rose after Congress adopted another comprehensive coronavirus assistance package. On Wednesday, the House approved the Senate’s version of President Joe Biden’s $ 1.9 billion stimulus bill. Biden signed the bill Thursday afternoon.
Meanwhile, technology stocks led the market higher as the technology-heavy Nasdaq recovered after selling last week. Blue chips and technology stocks have seen strong differences in performance over the past few weeks as investors turned from growth into value and cyclical stocks linked to an economic recovery. But this week, technology stocks have largely recovered.
The Department of Labor also reported Thursday that initial jobless claims dropped to 712,000 in the week ending March 6. This was lower than the expected 725,000 and the revised 754,000 claims of the previous week. The number was also a low of four months.
The Innovator IBD 50 ETF (FFTY) rose 4.4%. Shares in the growth stock ETF regained support at the 50-day line on Thursday. Stocks that had the upside in the growth-focused ETFs were 360 DigiTech (QFIN) and Digital turbine (APPS), with a profit of more than 11% each.
Recent IPO Shares 360 Digitech has found strong support in its 50-day line. Shares are currently expanding from a buy point of 18.16 cups and have risen almost 40% this week. Meanwhile, Digital Turbine has also found good support at its 50-day line over the past few days.
Homebuilders, utilities and liquor supplies led the downside among IBD’s industry groups after a few days of a sector in these key industries. Meanwhile, the inventory of solar power, software and chips was one of the best performers.
Dow Jones Today
The Dow Jones made a solid profit because many blue chips traded higher. Stocks that turned upside down were Nike (NKE), Boeing (BA) and Microsoft (MSFT).
Shares in Boeing traded about 3% higher on Thursday. The Boeing share rose in large volume as it traded from a cup base with a buying point of 244.18 within the buying zone. According to MarketSmith, the buying zone is at 256.28. The stock recently regained its 50-day line, a strong sign.
But investors should note that the stock maintains low IBD ratings, including a 25 compound and a 52 RS rating.
Elsewhere, Nike shares rose nearly 3% as equities approached a 148.05 buying point from a flat base. The stock stays 4% away from the key buying zone. Shares also regained their 50-day line on Thursday, a strong sign.
The tech giant Microsoft’s share, a member of Leaderboard, rose more than 2% as shares traded within the buying zone of a 232.96 consolidation buying point. The stock recently found support near the 50-day moving average. Shares in Apple remain about 3% lower than their 52-week high.
In the end, Intel’s share reached almost 2% and was also a top performer in the Dow. Shares continued to approach a new buying point from a massive double-bottom base, according to the MarketSmith chart analysis. The base maintains a 65.21 entry. Shares stay 7% away from the key buying zone.
The chart can also be interpreted as a cup-with-handle base with a lower entry at 63.64. Shares recently regained their 50 and 200 day lines.
Follow Fox on Twitter at @foxonstocks for more Dow Jones and market commentary.
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