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The Dow Jones Industrial Average jumped 1% after Senate Majority Leader Chuck Schumer struck a debt ceiling deal with Republicans. UnitedHealth (UNH) was the first blue chips. Ranking of actions You’re here (TSLA) surged in the wake of a tweet from Elon Musk. He later revealed that the company was moving its headquarters to Austin, Texas.
X
Meanwhile, a plethora of stocks offered buying opportunities amid the bullish action, including America (UHAL), Endava (DAVA) and Atlassian (TEAM).
But while the current action is encouraging, the market remains in a correction. This makes buying and holding stocks riskier. Starting with a smaller pilot position is a wise strategy in some cases.
Schumer signs debt ceiling deal with McConnell
The actions were backed after Senate Majority Leader Chuck Schumer struck a debt ceiling deal with his Republican counterpart Mitch McConnell.
“We hope we can do this today,” Democratic Leader Schumer said in the Senate.
The deal sees the borrowing limit increased by $ 480 billion. This is what the Treasury Department says it must meet its obligations until Dec. 3.
Treasury Secretary Janet Yellen had warned the United States would run out of cash on October 18 if Congress failed to raise the cap.
Nasdaq rallies, small caps in the lead
The Nasdaq was the first major index of the day, posting a gain of 1.1%. The S&P 500 also performed well, rising 0.8%, although it reduced its gains.
Snapshot of the US Stock Market Today |
||||
|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Switch |
| Dow jones | (0DJIA) | 34754.15 | +337.16 | +0.98 |
| S&P 500 | (0S & P5) | 4399.83 | +36.28 | +0.83 |
| Nasdaq | (0NDQC) | 14654.02 | +152.11 | +1.05 |
| Russel 2000 | (IWM) | 223.30 | +3.43 | +1.56 |
| MICI 50 | (FFTY) | 47.35 | +0.52 | +1.11 |
Last Modified: 4:10 PM ET 10/7/2021 |
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Sectors of the S&P 500 were almost all green, with consumer discretionary, materials and technology among the best. Utilities were the only ones lagging behind.
Small caps outperformed other indices after several days of losses. The Russell 2000 jumped 1.6%.
In contrast, growth stocks also outperformed. The Innovator IBD 50 ETF (FFTY) closed 1.1% higher.
Dow Jones Today: UnitedHealth Leads, Microsoft Stock Gains
Dow Jones Industrials closed highs, but still rose more than 300 points. They finished with a gain of 1%.
UnitedHealth stock is doing the best, up nearly 3%. Microsoft’s rankings share also rose 0.6%.
Software stock forms a new flat base but is currently well below the ideal buy point of 305.94.
Tesla Stock Raises Musk Tweet; The company will move its head office
Cash flowed into Tesla shares late. While it closed on highs, it finished with a gain of 1.4%.
The action rose after Tesla CEO Elon Musk tweeted an update on the rollout of the latest edition of Tesla’s Full Self Driving assistance software.
“FSD Beta 10.2 is rolling out at midnight Friday to approximately 1,000 owners with perfect 100/100 safety scores,” he said. “Deployments will go on for several days after that to see how it goes.”
Musk also said that if that “looks good,” the beta will roll out gradually for owners with scores of 99 and below.
He later revealed that the EV company would be moving its headquarters in Austin, Texas, from its current base in Silicon Valley, California. He made the announcement at the company’s annual meeting of shareholders, held in the Austin area.
Tesla is currently building a vehicle assembly plant outside of Austin on property near the city’s airport.
Tesla stock rose on Wednesday after the company moved to raise prices again amid a persistent chip shortage.
The price of the Model 3 Standard Range + increased by $ 2,000 to $ 41,990, while the price of the Performance model increased by $ 1,000 to $ 57,990. The Y Long Range and Performance models now each cost an additional $ 1,000 at $ 54,990 and $ 61,990.
Leaderboard stock rose 1.4% to close at 793.61.
Legacy auto stocks, however, fared better. General Motors (GM) grew by almost 5%, while Ford (F) closed up 5.5%.
These 3 actions offer purchase points
U-Haul’s parent company Amerco posted a buy point of 677.44 on Thursday. It is trading above its short-term moving average, which is a bullish indicator. The title closed up almost 4% and remains in the buy zone.
The recent IBD Stock Of The Day operates a fleet of 176,000 trucks, 126,000 trailers and 46,000 towing devices.
U-Haul is the nation’s largest do-it-yourself moving company. He has seen demand rise as Americans working from home amid the Covid pandemic fled overcrowded cities for suburbs and satellite towns.
Endava closed above the top of its buy range after crossing an entry point of 143.60. Growth stock consolidated for seven weeks.
DAVA stock currently exhibits a very strong relative strength line, which is a key metric to focus on in uncertain markets.
The stock currently leads the technical services industry group, which has outperformed in recent times.
Atlassian stock is currently rebounding from the key 10-week moving average. This serves as a buying opportunity. His ideal buy point here is 374.88, but he’s exploitable up to 412.37.
TEAM stock is currently trading above its short-term moving averages, but investors will want to see the relative strength line recover.
The collaborative software stock was the IBD 50 Stocks To Watch pick for Thursday.
Please follow Michael Larkin on Twitter at @IBD_MLarkin to learn more about growth stocks and analysis.
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