The Dow Jones Industrial Average rose 130 points on Monday afternoon, with the stock market extending last week’s big gains, taking major market indices to new highs.
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The Nasdaq rose 0.5%, the Dow Jones industrials rose 0.4% and the S&P 500 added almost 0.4% to the stock market today. Small caps monitored by the Russell 2000 soared 2%. The volume was mixed, lower on the NYSE, but higher on the Nasdaq against the same time as Friday.
The stock rebounded last week, when Congress accelerated President Joe Biden’s $ 1.9 trillion stimulus plan. House Speaker Nancy Pelosi said the bill would be approved by the end of the month. The current stimulus package expires in mid-March.
On Sunday, Treasury Secretary Janet Yellen told CBS that the plan could bring the United States back to full employment by 2022. “We face an enormous economic challenge here and enormous suffering in the country. We must resolve this,” he said. Yellen. “This is the biggest risk.”
The Department of Labor reported on Friday that the U.S. non-farm payroll grew by 49,000 last month, just below the Econoday forecast of 50,000. The private payroll accounted for only 6,000 of those jobs. The unemployment rate fell from 6.7% in December to 6.3%.
However, job losses in December were revised to a reduction of 227,000.
Overview of the US stock market today |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain / Loss | % Change |
| Dow Jones | (0DJIA) | 31275.19 | +126.95 | +0.41 |
| S&P 500 | (0S and P5) | 3900.40 | +13.57 | +0.35 |
| Nasdaq | (0NDQC) | 13924.95 | +68.65 | +0.50 |
| Russell 2000 | (IWM) | 225.98 | +4.33 | +1.95 |
| IBD 50 | (FFTY) | 47.43 | +0.82 | +1.76 |
Last updated: 13h20 ET 08/02/2021 |
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Technology stocks propelled Nasdaq to a 43.6% gain in 2020, its fifth best year ever. The S&P 500 was up 16.3% and the Dow was up 7.2% last year. Read The Big Picture for a detailed daily market analysis.
Covid-19 Update
The Covid-19 pandemic continues to cloud the US economy as national blockages approach the one-year mark. But there are signs of hope as vaccinations spread and the number of cases begins to stabilize in some states.
Coronavirus cases worldwide are approaching 106.8 million, with more than 2.3 million deaths, according to the Worldometer. In the USA, the cases exceeded 27.6 million, with almost 475,000 deaths.
Dow winners and losers
Disney (DIS) jumped 4% to clear an 183.50 point of purchase from a five-week flatbed in high volume. The shares remain in the potential buy range, which rises to 192.68. Analysts expect the media and theme park giant to lose 33 cents a share on nearly $ 15.9 billion in revenue when it reports on Thursday after the close.
Among other blue chip winners, Cisco (CSCO), Chevron (CVX) and Goldman Sachs (GS) rose almost 2% each.
But McDonalds (MCD), Nike (NKE) and Procter & Gamble (PG) gave up about 1% each.
Outside the Dow
Twitter (TWTR) increased and rose almost 2% in heavy trade to a new high. The action is on track to extend its winning streak to six. The shares remain in the potential purchase range, which reaches 59.02.
The messaging platform is expected to earn 29 cents per share and revenue of $ 1.18 billion when it is released on the Tuesday before the inauguration. This would represent an EPS increase of 16% year on year in 17% higher sales.
Tesla (TSLA) rose 1.7% as it continues to trade strongly close to historic highs. The electric vehicle maker revealed in a SEC document that it bought $ 1.5 billion in Bitcoins. Tesla said it plans to start accepting Bitcoin for payment soon. Bitcoin’s price was around $ 42,626, after reaching a record peak near $ 44,000 with the news.
Tesla is almost 90% extended from a 466 point of purchase to a cup with handle. The giant EV is a stock of the IBD Leaderboard.
Inside 50
The Innovator IBD 50 ETF (FFTY) rose 1.6% to a record high, thanks to large gains in 1-800-Flowers (FLWS), 360 DigiTech (QFIN) and Nvidia (NVDA).
1-800-Flowers soared 6% in twice-normal trade to rise above a 32.88 buying point again.
Digital Turbine (APPS), also in the IBD 50, added almost 2% to a new high. It is showing action after a 54% increase last week. The stock clearly broke a top channel line on a weekly chart. This break in the upper channel is a sign of the climatic action of prices.
Stocks of software, solar energy and oil and gas led the rise among the 197 industrial groups of IBD. But toy makers, casino operators and restaurant stocks were left behind.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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