Nasdaq rose 4% on Tuesday afternoon, with technology stocks showing a strong recovery, while Apple and Intel boosted the Dow to a gain of 300 points.
X
The Nasdaq rose 3.8%, the S&P 500 rose 2.1% and the Dow Jones industrials rose 1% in the stock market today. Small capitalizations monitored by Russell 2000 rose 2.4%. The volume was mixed, lower on the NYSE and higher on Nasdaq, against the same time on Monday.
The stock rose earlier, with the 10-year Treasury yield coming out of recent highs. After rising more than 1.6% last week, yields dropped to 1.551% in afternoon trading.
Meanwhile, the House will take over President Joe Biden’s $ 1.9 trillion coronavirus stimulus plan on Wednesday, spokeswoman Nancy Pelosi said on Monday.
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. After a strong start to the year, the market is now in a correction, but is recovering. Read The Big Picture for a detailed daily market analysis.
Overview of the US stock market today |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain / Loss | % Change |
| Dow Jones | (0DJIA) | 32055.76 | +253.32 | +0.80 |
| S&P 500 | (0S and P5) | 3897.50 | +76.15 | +1.99 |
| Nasdaq | (0NDQC) | 13114.75 | +505.59 | +4.01 |
| Russell 2000 | (IWM) | 223.89 | +5.15 | +2.35 |
| IBD 50 | (FFTY) | 44.55 | +1.82 | +4.26 |
Last updated: 13:30 ET 3/9/2021 |
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The Covid-19 pandemic continues to cloud the US economy as national blockages approach the one-year mark. But many states are easing restrictions and there are signs of hope as vaccinations are implemented and cases are starting to stabilize in some states.
Cumulative cases of Covid-19 worldwide are approaching 118 million, with more than 2.6 million deaths, according to the Worldometer. In the United States, cases reached 29.7 million, with almost 539,000 deaths, although the number of new cases in the United States has declined dramatically in recent weeks.
Dow winners and losers
Apple (AAPL) and Intel (INTC), with an increase of almost 4% each, were Dow’s biggest winners. Apple, which fell 4% on Monday, is testing support at its 40-week moving average. But he has been stuck below his 10-week line for almost four weeks.
On February 18, Apple shares triggered the 7% -8% loss-of-sale rule when they fell more than 7% below a 138.89 buying point for a glass with handle.
Intel has found support over its 10-week moving average. It is now about 2% from a 63.64 point purchase of a glass with handle, according to analysis by the MarketSmith chart. The chip giant has 72 Composite Rating, which puts it in 18th place in the group of 33 chip makers. Intel’s shares are about 4% below its 52-week record.
Boeing (BA) increased 3% in fast turnover, as it shaped the right side of a glass base with a purchase point of 244.18. It is about 5% of the entrance.
Among other top-tier winners, Microsoft (MSFT), Home Depot (HD) and Salesforce.com (CRM) added more than 2% each.
But Disney (DIS), with a 3% drop in heavy trade, was Dow’s biggest loser. The shares remain slightly extended from an 183.50 point of purchase to a flat base. On Monday, Disney shares rose 6% after California signaled that Disneyland and California Adventure could open on April 1 with limited capacity, after being closed for nearly a year.
Outside the Dow
Inventories from car, solar, software and chip manufacturers led the advantage among IBD’s industrial groups. Oil and gas, utilities and financial stocks were left behind.
In the automaker group, Tesla (TSLA) rose 18% in fast trading, on the way to ending a five-game losing streak. If stocks continue to rise from here, the electric vehicle giant could build a new base.
On February 22, Tesla’s stock broke below its 10-week line, triggering a sell signal. Although it is about 26% below its 52-week high, it remains well extended from 466 purchase points for a cup with handle.
China rival Nio (NIO) also showed a strong recovery, an increase of 18% in heavy volume. The shares have been below the 50-day moving average since mid-February.
CarMax (KMX) rose 1% to extend its Monday breakout, from a 128.68 point of purchase to a six-week flat base. It remains in the purchase range, which reaches 135.11. The stock is trading at historic highs.
Element Solutions (ESI) jumped 7% to surpass a 19.50 point buying point for a nine-week heavyweight cup base. The stock is near the top of its buying range, which rises to 20.48.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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