Dow Jones gains 273 points as Nasdaq leads higher as two-chip stocks score breakouts

The Dow Jones Industrial Average traded higher in today’s stock market, while the S&P 500 also held onto its gains. The Nasdaq also remained up. All major indices opened higher and continued to trade near their session highs.

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Stock exchange today

The Nasdaq rose 1.6%, the S&P 500 gained around 1% and the Dow Jones Industrials rose 0.8%. The Russell 2000 Index rose 1.8%, leading to the increase. The volume was lower on the Nasdaq and on the NYSE compared to the same time on Friday.

On Monday, stocks were higher after a sell off last week. The Dow Jones gained over 270 points at noon. The Dow Jones continued to rebound after a test of 50-day moving average support, while the Nasdaq and S&P 500 continued to rebound.

Looking at major stock market growth stocks, the Innovator IBD 50 ETF (FFTY) rose 2.2% on Monday, beating the indices. The ETF continues to rise above its 50 day line. Equities at the top of the index included Proximity (DOCS), Push Social (SPT) and Nvidia (NVDA).

Nvidia rose 5% on Monday. The main chip stock reported strong profits last week and rose significantly. Actions are now slightly extended from the nearest buy point at 207.43 of a cup base with handle. The position size was increased in the leaderboard on Thursday and increased again on Friday.

Meanwhile, two semiconductor stocks erupted on Monday: Diodes (DIOD) and Maxim integrated products (MXIM).

Chip designer Maxim Integrated Products exited a flat-based point of purchase of 105.59 and increased nearly 5%. The shares have widened in volume and remain in the buy zone, which peaks at 110.86. The action rose following news that China’s State Administration for Market Regulation has officially given antitrust clearance for Analog devices (ADI) to acquire Maxim.

Diodes erupted from a 91.12 cup with handle point of purchase. The stock rose 2.3% and remains in the buy zone. Shares hit a new 52-week high on Monday at 92.96. The Texas-based chipmaker posted a second consecutive quarter of triple-digit profit growth and sales growth of over 46% earlier this month.

In addition, the semiconductor ETFs VanEck Vectors Semiconductor (SMH) and iShares Semiconductor (SOXX) have joined forces. Each increased by more than 2% and recovered the 50 day line.

Dow Jones today

The Dow Jones continued to rebound above its 35,000 level, having fallen below that round number last week.

Inside the Dow Jones, large-cap tech stocks were mostly higher, including Apple (AAPL) and Salesforce.com (CRM), with gains exceeding 1% each. Apple stock has returned above a 148 trendline buy point. Stocks hit an all-time high on Aug. 18 at 151.68 before reversing lower.

Microsoft (MSFT) traded flat on Monday. Stock remains extended from a cut base with a buy point of 263.29. The stock hit a new high of 305.84 on Friday. Microsoft, a long-term leader of IBD, announced last week that it would increase the prices of its Office 365 and Microsoft 365 suites.

Ultimately, Chevron (CVX) rose 2.6% on Monday after rising crude oil prices. US West Texas Intermediate Crude Oil futures rose more than 5.5% to exceed $ 65 a barrel after experiencing its longest streak of losses since early 2018. Meanwhile , Brent crude jumped above $ 67 a barrel.

Chevron shares still remain below their 50 and 200 day lines.

Follow Rachel Fox on Twitter at @foxonstocks for more information on the Dow Jones and the market.

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