The main market indices advanced on Monday morning, with the Nasdaq leading and the Dow Jones Industrial Average reversing higher after a 115 point drop.
X
The Nasdaq rose 0.8%, the S&P 500 rose 0.4% and the Dow Jones industrials rose 0.1% in the stock market today. Small capitalizations monitored by Russell 2000 were left behind, falling 0.3%. The volume was lower on both major exchanges compared to the same time on Friday.
Bank stocks weighed in the Dow, while technology stocks outperformed. The 10-year Treasury yield fell 3 basis points, to 1.7%, after hitting 1.754% on Friday.
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 this year, the market is recovering from a short correction. Read The Big Picture for a detailed daily market analysis.
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 launched and cases are starting to stabilize in some states.
Overview of the US stock market today |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain / Loss | % Change |
| Dow Jones | (0DJIA) | 32654.79 | +26.82 | +0.08 |
| S&P 500 | (0S and P5) | 3929.88 | +16.78 | +0.43 |
| Nasdaq | (0NDQC) | 13323.90 | +108.67 | +0.82 |
| Russell 2000 | (IWM) | 225.01 | -1.93 | -0.85 |
| IBD 50 | (FFTY) | 46.40 | -0.37 | -0.79 |
Last updated: 10:10 ET 3/22/2021 |
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Cumulative cases of Covid-19 worldwide are approaching 124 million, with more than 2.7 million deaths, according to the Worldometer. In the United States, cases have surpassed 30.5 million, with more than 555,000 deaths, although the number of new cases in the United States has declined dramatically in recent weeks.
AstraZeneca (AZN) burst 3% after its coronavirus vaccine was found to be 79% effective in a trial in the United States.
Dow winners and losers
Technology stocks outperformed the beginning of the Dow Jones index, with Intel (INTC), Apple (AAPL) and Salesforce.com (CRM) up to more than 1% each.
Intel rose almost 2% in large volume by exceeding a 64.05 point of purchase, according to analysis by the MarketSmith chart. Last week, he briefly cleared the point of purchase before ending the week below the entrance. With a composite rating of 76, however, Intel is not the leader in the chip maker group. It ranks 18th in the group of 33 shares.
Apple, up 1.2%, is trying to halt a three-session drop. Now its sixth week is starting below the 10-week moving average. The stock recently tested the 40-week line, but found support and has been trading steadily.
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.
Among other top-tier winners, Cisco (CSCO), Microsoft (MSFT) and Disney (DIS) advanced more than 1% each.
But Home Depot (HD) and Goldman Sachs (GS) each gave up above 1%.
Outside the Dow Jones
Automakers, software and chip stocks led the advantage among IBD’s 197 industrial groups. But food, banks and airline stocks were left behind.
In the automaker group, Tesla (TSLA) increased and increased 5% in fast turnover. On Friday, Ark Invest of Cathie Wood announced a new Tesla price target of 3,000 by 2025. The target is based on expectations that the electric vehicle giant will launch an autonomous robotaxi service built on its fully autonomous technology platform .
Ark Invest’s 2025 target price for Tesla is 4,000; the target price of the bear box is 1,500. Tesla’s shares are about 24% below its 52-week high. It is trading below its 10-week line for almost five weeks, after breaking support on February 22. The shares remain well extended from a 466 point of purchase in a cup with handle.
The Innovator IBD 50 ETF (FFTY) fell 0.6% when 360 DigiTech (QFIN) and Yalla Group (YALA) fell by more than 5% each.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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