[ad_1]
The Dow Jones Industrial Average rebounded in today’s stock market and led major stock indexes higher. Small caps did even better. The Nasdaq and the S&P 500 also made decent gains.
X
Stock exchange today
The Nasdaq composite rose 0.8%. The Dow Jones traded more than 1%, while the S&P 500 gained more than 0.8%. The Russell 2000 Index rose 1.8%. Data showed lower volume on the NYSE and higher volume on the Nasdaq compared to the same time on Tuesday.
Stocks cooled slightly from their intraday highs after the Federal Reserve meeting was announced at 2 p.m. ET. The Fed has signaled that it could hike rates six to seven times by the end of 2024. This shows the central bank’s optimism about the future of the pandemic recovery, as well as the Fed’s plan. to possibly tighten its easy money policies in a few years.
The Federal Open Market Committee has consistently held interest rates near zero in its updated statement. However, he noted progress in his discussions on reducing the asset purchase program.
Growth stocks continued their strong rebound on Wednesday. The Innovator IBD 50 ETF (FFTY) gained 1.4% after Tuesday’s 0.5% rise amid weakness in other sectors on Wall Street. Stocks are now back above a buy point of 50.06 in a pattern of long consolidation.
Stocks outperformed the IBD 50 on Wednesday inclusive Confluence (CFLT) and SiTime (SITM), who each earn more than 3%.
Shares of IBD 50 stock and auto retailer AutoNation (AN) broke from a buy point of 125.21 from a cup base.
The shares are up over 4% and maintain a strong RS rating of 95 and a perfect composite rating of 99. AutoNation, which was IBD’s stock of the day on Tuesday, owns and operates over 300 dealerships in the United States. to June 30. It sells and rents new and used cars as well as automotive products.
Snapshot of the US Stock Market Today |
||||
|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Switch |
| Dow jones | (0DJIA) | 34264.71 | +344.87 | +1.02 |
| S&P 500 | (0S & P5) | 4391.36 | +37.17 | +0.85 |
| Nasdaq | (0NDQC) | 14858.10 | +111.70 | +0.76 |
| Russel 2000 | (IWM) | 221.15 | +3.63 | +1.67 |
| MICI 50 | (FFTY) | 50.69 | +0.74 | +1.48 |
Last updated: 3:02 p.m. ET 09/22/2021 |
||||
Dow Jones today
Within the Dow Jones, banking and oil stocks were among the main winners.
Besides, Boeing (BA) grew by almost 4%. The aircraft maker has released its outlook for the European aviation market, signaling a 3.1% growth in annual passenger air traffic in Europe through 2040. The report also estimates that European airlines will acquire at least 8 705 new aircraft worth approximately $ 1.5 trillion over the next 20 years.
Stocks remain stuck below the 50 and 200 day lines and the stock is still not close to a suitable buy point.
Somewhere else, Chevron (CVX) increased by 3.4%. The stock is also trading below its 50-day and 200-day lines. Oil inventories were boosted as light sweet crude prices rose more than 2% to $ 72 per barrel.
JP Morgan (JPM) and Goldman Sachs (GS) gained more than 2% each.
During this time, Nike (NKE) also traded higher with a rise of around 1.2%. The shares are trading near the lower edge of a new flat base with a buy point of 174.48 and are 12% below that appropriate entry. The stock also fell below its key 50 and 200 day lines in August, a bearish sign.
Nike plans to release its first quarter 2022 results on Thursday. According to data from IBD, the footwear and sportswear giant is expected to post year-over-year profit growth of 18% to 1.12 $ per share. Sales are expected to increase 18% to $ 12.46 billion.
Stocks burst
A few growth stocks still managed to break through on Wednesday despite the unfavorable market conditions, in particular Boot barn (BOOT) and chip designer Semtech (TCMS).
Both stocks were reviewed on Wednesday’s IBD Live show.
Boot Barn broke into a buy zone after breaking through a third stage flat base with a buy point of 93.35. The relative line of force was tilting upward, a good sign. The cowboy boot retailer traded inside the buy zone after rising more than 3.4%. The company maintains excellent IBD ratings, with perfect BPA and composite ratings of 99, as well as a stellar rating of 97 RS.
Semtech also topped an entry of 79.54 cups with handle. Shares rose 3.2% early in the afternoon and remain in the buy zone.
With the market’s uptrend under pressure, however, it is risky to buy stocks.
Follow Rachel Fox on Twitter at @foxonstocks for more information on the Dow Jones and the market.
YOU MAY ALSO LIKE:
MarketSmith: research, charts, data and coaching in one place
Follow the daily stock action with the big picture
Here’s how to get a free IBD ranking trial
Vertical Violations: Why You Should Recognize This Bear Market Indicator
[ad_2]
Source link