The Dow Jones Industrial Average rose in today’s stock market, with the blue chip index and the S&P 500 reaching new intraday highs. Nasdaq also rose substantially, with a gain of more than 300 points, leading the top indices. However, during the last hour of trading, the three indices fell slightly from the day’s highs.
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Stock market today
The Russell 2000 low capitalization index rose 2.3%. The Nasdaq compound advanced 2.5%, leading the bull market. The S&P 500 was traded 1% higher, while the Dow Jones registered an increase of 0.5%. The volume was lower on the NYSE and Nasdaq, compared to the same time as Wednesday.
The main indexes rose initially after Congress approved another expansive coronavirus relief package. On Wednesday, the House approved the Senate version of President Joe Biden’s $ 1.9 trillion stimulus bill. Biden signed the bill on Thursday afternoon.
Meanwhile, technology stocks have led the bull market, as the high-tech Nasdaq rebounded from last week’s liquidation. Blue chips and technology stocks have diverged sharply in performance in recent weeks, as investors have moved away from growth and opted for value and cyclical stocks linked to an economic recovery. But this week, technology stocks have largely recovered.
Also on Thursday, the Department of Labor reported that initial unemployment insurance claims dropped to 712,000 in the week ending March 6. This was below the expected 725,000 and the 754,000 revised orders from the previous week. The number also marked a four-month low.
The Innovator IBD 50 ETF (FFTY) grew by 4.4%. Growing stock ETF shares regained support on the 50-day line on Thursday. The stocks leading the rise in growth-focused ETFs were 360 DigiTech (QFIN) and Digital Turbine (APPS), with gains of more than 11% each.
360 Digitech’s recent IPO shares found strong support in its 50-day line. The shares are currently extended from a buying point of 18.16 cups and are up almost 40% this week. Meanwhile, Digital Turbine has also found solid support in its 50-day line in the past few days.
Home builders, utilities and beverage stocks led the downside among IBD industry groups, after several days of industry turnover for these key sectors. Meanwhile, stocks of solar energy, software and chips were among the best performers.
Dow Jones Today
The Dow Jones had a solid gain, as many blue chips traded higher. Actions leading on the positive side were Nike (NKE), Boeing (BA) and Microsoft (MSFT).
Boeing shares traded about 3% higher on Thursday. Boeing’s shares rose in large volume as they traded within the buying zone of a cup base with a buying point of 244.18. The buying zone reaches 256.28, according to MarketSmith’s analysis. The stock recently rebounded its 50-day line, a bullish signal.
However, investors should be aware that the stock keeps IBD ratings low, including a Compound 25 and an RS 52 rating.
Elsewhere, Nike’s shares rose nearly 3%, with shares approaching 148.05 points of purchase from a flat base. The stock remains 4% outside the key buying zone. The stock also rebounded on its 50-day line on Thursday, a bullish signal.
The shares of technology giant Microsoft, a leaderboard member, gained more than 2%, with the shares being traded within the buy zone of a 232.96 consolidation buy point. The stock recently found support near the 50-day moving average. Apple’s stock remains about 3% below its 52-week high.
Finally, Intel shares gained almost 2% and also performed better on the Dow Jones index. The shares continued to approach a new point of purchase for a massive double-bottomed base, according to analysis by the MarketSmith chart. The base maintains an entry of 65.21. The shares remain 7% outside the main buying zone.
The graph can also be interpreted as a cup base with handle with a bottom entry at 63.64. The stock recently recovered its 50 and 200 day lines.
Follow Fox on Twitter at @foxonstocks for more comments from Dow Jones and the market.
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