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The Dow Jones Industrial Average won as Merck (MRK) has exploded over positive trials for a Covid-19 treatment. The vaccine plays Modern (MRNA) and BioNTech (BNTX) took the plunge. Disney (DIS) rose after settling a “Black Widow” lawsuit with star Scarlett Johansson. President Joe Biden has offered to get an infrastructure bill back on track.
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Microsoft (MSFT) and Airbnb (ABNB) were two ranking stocks making gains. Finally, two stocks exceeded buy points despite difficult market conditions: Jones Lang LaSalle (JLL) and CF Industries (CF).
Biden moves the infrastructure
President Joe Biden visited Congress on Friday to try to strike an infrastructure deal.
Moderate Democrats and Liberals in the House are battling over the size and scope of the so-called $ 3.5 trillion human infrastructure bill.
The White House said Biden will meet with members of the House Democratic Caucus. He hopes to break a deadlock that has prevented a vote on the separate $ 1 trillion infrastructure bill, which enjoys bipartisan support.
House Speaker Nancy Pelosi had said Thursday morning that a vote on this latest package would take place that day, but that did not happen.
Nasdaq finds support, growth stocks plunge
The Nasdaq lagged behind other major indexes, closing 0.7% higher. Nevertheless, the fact that the index with a strong technological component is supported is a good sign.
The S&P 500 rose more than 1%. It managed to hold around last week’s lows which is encouraging.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Switch |
| Dow jones | (0DJIA) | 34327.45 | +483.53 | +1.43 |
| S&P 500 | (0S & P5) | 4357.09 | +49.55 | +1.15 |
| Nasdaq | (0NDQC) | 14566.70 | +118.12 | +0.82 |
| Russel 2000 | (IWM) | 222.43 | +3.68 | +1.68 |
| MICI 50 | (FFTY) | 47.12 | -0.25 | -0.53 |
Last updated: 4:02 PM ET 10/1/2021 |
||||
S&P sectors were almost all green, with energy and communications services making the biggest gains. Utilities were the only area to decline.
Small caps outperformed, with the Russell 2000 gaining around 1.7%.
Growth stocks were the big disappointment, with the Innovator IBD 50 ETF (FFTY) closing 0.5% lower.
Dow Jones Today: Disney lands on Scarlett Johansson Settlement
The Dow Jones Industrial Average started the month well, closing 1.7% higher. Merck was a major reason.
But Disney stock was another of the top performers on the blue chip index. Shares rose about 4.5% following news that the media giant had settled a lawsuit with Johansson over the Marvel movie “Black Widow.”
ScarJo had sued Disney for breach of contract after releasing the film on its Disney + streaming service at the same time it was making its theatrical debut.
“I am happy to have resolved our differences with Disney,” Johansson said in a statement. “I look forward to continuing our collaboration in the years to come.”
The stock remains near the bottom of a consolidation pattern with an entry of 203.12, according to MarketSmith analysis. It is getting closer to its converging moving averages at 50 and 200 days
Merck Stock Reaches Buy Zone on Covid Pill
Merck was the big winner on the Dow Jones, closing over 8%.
The move was triggered after the pharmaceutical giant announced that its experimental antiviral pill reduced the risk of death or hospitalization for Covid patients in trials by 50%.
He is now considering applying for an emergency use authorization.
Merck stock ended the session in a buy zone after breaking a flat-based buy point of 79.33.
Moderna and BioNTech vaccine stocks were crushed at the news. Moderna stock suffered the biggest loss, falling more than 11%, while BioNTech closed down almost 7%.
Covid treatment stock Regeneron Pharmaceutical (REGN) finished with a loss of almost 6%. He walked around all of his winnings after passing a buy point of 595.58.
Travel stocks were also boosted, with titles from airlines such as United Airlines (SAU) and accommodation stocks such as Hilton hotels (HLT) making solid gains.
Beginning of the rally attempt, five actions showing strength; What to do now
Airbnb, Microsoft shares gain
The action of the Airbnb ranking posted a gain of more than 3%. After a breakout of a lower base, Airbnb stays away from its 10-week moving average.
He managed to get back to his 10-day line on Friday, which is a positive sign.
Microsoft was also in rally mode, up about 2.5%. Software stock forms a new flat base but is now well below the ideal buy point of 305.94.
It has some ground to catch up if it is to resume the key 50-day moving average.
These actions pass purchase points
Real estate firm Jones Lang LaSalle had shown relative strength amid the market turmoil this week.
He closed the session in a buy zone after stepping out of a new flat base. The ideal purchase point here is 254.03. It is also a starting point, which is positive.
Lots of money has fallen behind lately, with its build / distribute rating hitting a solid B +.
CF Industries ammonia action is now slightly elongated after passing a buy point of 57.29 on a cup basis.
The stock saw its relative strength line hit a new high, which is a bullish sign. The stock offers a good balance between price and earnings performance.
But poor market conditions mean buying stocks is a risky proposition.
Please follow Michael Larkin on Twitter at @IBD_MLarkin to learn more about growth stocks and analysis.
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