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Stocks extended their gains on Monday afternoon as the Dow Jones Industrial Average rose more than 300 points and the Nasdaq and S&P 500 hit new highs.
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The Nasdaq was up 1.7%, the S&P 500 was up 1% and the Dow Jones Industrials gained 0.8% on the stock market today. Small caps followed by the Russell 2000 outperformed, up 1.8%. Volume was mixed, lower on the NYSE and higher on the Nasdaq, compared to same time on Friday.
Among exchange-traded funds, Innovator IBD 50 (FFTY) rose 2.3%, while the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) gained 1.2%.
The US economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns over a year ago. Most states have relaxed restrictions as vaccinations continue and cases decline.
But cases are growing rapidly again, and mask warrants are returning in some states as the delta variant spreads.
Covid-19 update
Cumulative Covid-19 cases around the world are approaching 213 million, with more than 4.4 million deaths, according to Worldometer. In the United States, cases topped 38 million with more than 645,000 deaths.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Switch |
| Dow jones | (0DJIA) | 35392.10 | +272.02 | +0.77 |
| S&P 500 | (0S & P5) | 4486.87 | +45.20 | +1.02 |
| Nasdaq | (0NDQC) | 14957.18 | +242.52 | +1.65 |
| Russel 2000 | (IWM) | 219.46 | +3.94 | +1.83 |
| MICI 50 | (FFTY) | 46.35 | +1.05 | +2.32 |
Last Modified: 2:42 PM ET 8/23/2021 |
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Covid-19 vaccine makers have rallied as the world grapples with the delta variant. Early Monday, the Food and Drug Administration gave full approval to the vaccine of Pfizer (PFE) and BioNTech (BNTX) for ages 16 and over.
Previously, the vaccine had obtained an emergency use authorization. With full approval, it can stay on the market after the pandemic is over, and companies can change its price. They can also market directly to consumers in the United States.
Pfizer jumped more than 3%, while BNTX stock climbed almost 10%. Pfizer action triggered the rule of taking 20-25% profit from a buy point of 41.19 from a cup with handle. Modern (MRNA), whose vaccine is currently approved for emergency use, rose 5%.
Growth stocks to watch
Diodes (DIOD) rose nearly 3%, surpassing the buy point of 91.09 for a mug with handle in heavy trade. The title reduced its gains at noon but remained above the entry. It is in the buy range up to 95.64. Earlier this month, the Texas-based chipmaker reported a second consecutive quarter of triple-digit profit growth and sales growth of over 46%.
Chip stocks rallied on Monday, after approval from Chinese regulators Analog devices‘(ADI) acquisition of Maxim integrated (MXIM).
Maxim widened and climbed more than 3% to clear a 105.59 buy point on a flat basis, according to MarketSmith chart analysis. The stocks are in a potential buy range, which tops out at 110.87.
Analog Devices announced Monday that the Chinese State Administration for Market Regulation has cleared the Massachusetts-based chipmaker to purchase Maxim. Analog Devices, which announced the $ 21 billion acquisition in July 2020, climbed 1.2%. The deal is expected to be concluded this week.
Nvidia (NVDA) jumped 4% in significant volume to a new high. It’s on track for a third straight advance. Shares remain in the buy range from an entry of 207.43. The chart can also be interpreted as a flat base with a buy point of 208.85, which Nvidia compensated for on Monday. The Chart Chip Designer is an IBD Leaderboard and IBD SwingTrader stock.
Chip ETFs have rallied. VanEck Vectors Semiconductor (SMH) and iShares Semiconductor (SOXX) rose more than 2% each to break above their 50-day moving average lines.
Bitcoin exceeds $ 50,000
The price of Bitcoin climbed more than 2% on Monday morning, topping $ 50,000 for the first time in three months. According to Coindesk, the price of Bitcoin traded around $ 50,200 at the start of trading, before dropping below $ 49,600 in the afternoon.
The Grayscale Bitcoin Trust ETF (GBTC) rose 3% on Monday morning, but reduced its gains to 1.1% in subsequent exchanges. It remains at around 31% of its all-time high reached on February 19.
Dow Jones Movers
Intelligence (INTC), up 2%, also took part in the flea party. Other blue chip winners included Boeing (BA), caterpillar (CAT), Chevron (CLC) and Salesforce.com (CRM).
Chevron has gone up with crude oil prices. The West Texas middleman jumped nearly 6% to $ 65.58 a barrel. The oil giant’s stock is still well below its 50-day and 200-day lines. Boeing and Intel too. Caterpillar is trying to recover its 200-day line, as Salesforce approaches a consolidation buy point of 271.02.
Apple (AAPL) added 1%, on track for a third consecutive gain. The stock returned above a 148 trendline buy point. Apple shares hit a record high on Aug. 18 at 151.68 before reversing lower.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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