The Dow Jones Industrial Average traded higher in today’s stock market, with the blue chip index leading the main bullish indices. In the last hour of trading, the main indices continued to trade near their daily highs. Meanwhile, the Dow Jones index has reached a new historic record.
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Stock market today
At the close of the day, the low capitalization Russell 2000 index was up 2.4%. Meanwhile, the Dow Jones closed up 1.35% after hitting a new high of 32,009.64. The S&P 500 rose 1.1%, while the Nasdaq compound advanced 1%. Volume was lower on the Nasdaq and NYSE compared to Tuesday’s close, according to preliminary data.
For the second day in a row, Federal Reserve Chairman Jerome Powell spoke of his intention to maintain interest rates and an easy money policy to help stabilize the economy after the coronavirus pandemic. The stocks again opened lower before reversing to close higher.
All S&P sectors were having a strong day. Energy and industries were among the best performers on Wednesday.
The Innovator IBD 50 ETF (FFTY) gained 0.9%, recovering some of the losses from the previous day. The growth-focused index was hit hard on Tuesday, with growth stocks hurt in favor of less risky assets. The stocks leading the rise in the growth-focused ETF were MaxLinear (MXL) and MarineMax (HZO), with gains greater than 7% per piece.
Dow Jones Today
The Dow Jones had a solid gain, as Boeing (BA) and Chevron (CVX) led the increase with respective gains of 8.1% and 3.7%.
Boeing shares are currently building the right side of a 12-week consolidation, according to MarketSmith’s analysis. The stock remains just 6% far from its proper 244.18 point of purchase. But investors should note that the stock has a very low Composite IBD Rating of 4 on a scale of 1 to 99. In addition, its EPS Rating maintains a rating of 1 out of the best 99 possible.
Chevron’s inventory has been expanded from a recent 5% buying zone. The oil and gas company’s stake rose beyond the purchase area of a flat-bottomed 95.92 point on Wednesday. This occurs after the stock triggered a sell signal from that buying zone, falling in the sell zone by 7% -8%.
The shares remain 8% extended from the appropriate point of purchase.
In other parts of Dow, the shares of Johnson & Johnson (JNJ) traded back within a 5% key buying zone after extending from this area. The stock is finding solid support on its 50-day line, a bullish signal. Johnson & Johnson’s shares gained 1.3% on Wednesday.
Stocks leading on the negative side included Home Depot (HD) and Walmart (WMT), with losses of 2.7% and 1.7%, respectively.
Home Depot’s shares fell up to 4% on Tuesday, with shares falling below its 50-day moving average. The shares were sold despite the reform retailer reporting better-than-expected fourth-quarter earnings and sales before the market opened.
Bursting stock
Actions of Ichor Holdings (ICHR) burst on Wednesday from a rare upside base with 46.84 purchase points, according to MarketSmith’s analysis. The stock maintains excellent IBD ratings with 98 Compound and 82 RS.
The chip equipment manufacturer designs, designs and manufactures essential fluid distribution subsystems for semiconductor capital equipment. The shares advanced a solid 2.5% on Wednesday.
Follow Rachel Fox on Twitter at @foxonstocks for more information about the market and comments from Dow Jones.
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