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Major stock indexes appeared to want to end the week with modest gains on Friday morning, with a better-than-expected jobs report in March. The US economy created 196,000 additional jobs in March compared to the 170,000 jobs expected. Dow Jones industrial stocks gained about 50 points on the current stock market, boosted by Dow Jones stock Goldman Sachs (GS). Stock of blue chips Apple (AAPL) is within striking range of a potential entry. Chef of the chip Intel (INTC) weighed on the Dow 30 after downgrading by an analyst.
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Among exchange-traded funds, the Innovator IBD 50 Fund (FFTY) gained 0.6%, indicating that key growth stocks outperformed major stock indices on Friday. The ETF is once again trying to beat resistance on its 200-day long-term moving average line.
Current stock market share
The Nasdaq technology-dense composite advanced 0.5%. The S & P 500 rose 0.4% and Dow Jones Industrials gained 0.2%. Since the beginning of the year, the Nasdaq has risen by about 19%, while the S & P 500 index has risen by about 15%. The Dow has increased about 13%.
Nasdaq is well above the key support level of the current stock market – the 200-day moving average – after strong gains in the last trading sessions. The S & P 500 and Dow Jones industrials also traded above this line, with the S & P 500 having a higher resistance to long-term resistance close to 2,800 (For updates on this story and other market coverage, visit Stock Market Today.)
Dow Jones Stocks: Apple at the entrance, Intel downgraded
Among the Dow Jones shares, Goldman Sachs shares recorded the best performance in morning trading, gaining 1%. The stock is getting closer to its 200-day long-term line, a source of potential resistance. Wall Street Bank is expected to extend its winning streak to seven trading sessions.
Elsewhere, Apple's stock rose 0.5%, which allowed it to increase its seven consecutive wins. Apple shares are located near a purchase point of 197.79, according to the graphical analysis of MarketSmith. The point of purchase is the result of the Apple cut with the handle pattern. Keep a close eye on the relative strength of the stock. Even though it is about to reach new heights lately, it is still far from its peaks set in October.
On the downside, the Intel chip leader was the loser of the day after the downgrade of the stock, which went from outperformance to stock market performance at Wells Fargo. Stocks are still in the process of buying from a cup with a 54.20 run while the day's drop was 1.5%.
Main stocks to watch: Palo Alto Networks
Palo Alto Networks, a leader in cyber security, is among the top 50 growth stocks in the IBD. Software stocks were strangled Thursday. Palo Alto Networks is currently building a new flat base with a purchase point of 260.73.
According to IBD Stock Checkup, the Palo Alto stock has a composite rating of 99 IBD as high as possible. Composite rating is a mix of key fundamentals and key techniques designed to help investors assess the strengths of a company's stock.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks, sell signals and the stock market.
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