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Major stock indexes rose at noon on Friday as the Dow Jones Industrial Average rose more than 200 points to lead the rise.
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Dow Jones Industrials rose 0.8%, the S&P 500 rose 0.6% and the Nasdaq added 0.2% on the stock market today. Small caps followed by the Russell 2000 outperformed, up 1%. Volume was mixed, up on the NYSE and down on the Nasdaq from same time Thursday.
Among exchange-traded funds, Innovator IBD 50 (FFTY) fell 1.6%, while the Nasdaq 100-tracking Invesco QQQ Trust (QQQ) climbed 0.6%. The IBD 50 ETF, which hit a new high last week, fell back below a consolidation buy point of 50.06 on Tuesday to test its 50-day moving average. It is now testing its 200-day line, with stocks down almost 10% so far this week.
Late Thursday, President Joe Biden signed a bill that extends government funding until December 3, after Congress passed the bill at the 11th hour, ahead of a deadline. The bill avoided a partial government shutdown. But lawmakers continue to wrangle over infrastructure and other major spending bills.
In Friday’s economic news, personal spending rose 0.8% in August and income rose 0.2% from July. The expense figure was slightly higher than Econoday’s consensus estimate, while personal income was slightly lower than expected.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Switch |
| Dow jones | (0DJIA) | 34113.24 | +269.32 | +0.80 |
| S&P 500 | (0S & P5) | 4331.77 | +24.23 | +0.56 |
| Nasdaq | (0NDQC) | 14476.09 | +27.51 | +0.19 |
| Russel 2000 | (IWM) | 220.85 | +2.10 | +0.96 |
| MICI 50 | (FFTY) | 46.61 | -0.76 | -1.60 |
Last updated: 12:10 PM ET 10/1/2021 |
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The US economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns more than a year ago.
Cumulative Covid-19 cases around the world are approaching 235 million, with more than 4.8 million deaths, according to Worldometer. In the United States, cases topped 44 million with nearly 717,000 deaths.
Fall of manufacturers of vaccines against Covid-19
Merck (MRK) climbed 8% to pass a buy point of 79.33 on a six-week flat basis in huge volume. Drug giant Dow Jones said a late-stage study of an oral Covid-19 drug developed with its partner Ridgeback Biotherapeutics reduced the risk of hospitalization or death in high-risk patients. Merck and Ridgeback plan to seek emergency use authorization from the Food and Drug Administration.
This has brought down the makers of Covid-19 vaccines. Modern (MRNA) widened and sank 14% to undermine the bottom of a current consolidation. Pfizer (PFE) sold 2%, while the German partner BioNTech (BNTX) widened and fell 13% to a two-month low. Johnson & johnson (JNJ) slipped 1% as it forms a flat base with a buy point of 178.02. Novavax (NVAX) plunged 18% to cross its 200-day line for the first time in four months. Maravai LifeSciences (MRVI) plunged 14%.
Growth stocks to watch
In IBD 50, Dynavax Technologies (DVAX) plunged 14% at high volume. It is around 22% from a recent 52 week high and is holding above its 50 day line. Biotechnology based in Emeryville, Calif., On September 22 reported positive test results for a Covid-19 vaccine developed with Chinese company Clover Pharmaceuticals.
Among the other IBD 50 losers, Medical shock wave (SWAV), Reached (UPST), TaskUs (TASK) and Repligen (RGEN) fell by more than 4% each.
Corn Caesars Entertainment (CZR) led the rise with a gain of 4% as casino stocks rallied. The stock is now slightly stretched from a handle-cup 109.10 buy point and is trading near record highs.
Automotive website online Cargurus (CARG), Bill.com (Ticket Diamondback Energy (FANG) increased by more than 3% each.
Diamondback, which was in the IBD 50 Stocks To Watch on Wednesday, is about 5% from a 102.63 buy point on a 13-week cut basis. The Texas-based shale producer has the highest composite rating of 99. It is part of the 60-stock US oil and gas exploration and production group.
Dow Jones Movers
Merck, mentioned above, easily led the rise on the blue chip index.
Disney (DIS), up 4%, was another big winner. The stock is still slightly below its 50 and 200 day lines as it is working on a long consolidation with a buy point of 203.12. Disney action is about 14% of entry. The theme park and media giant said Thursday it has struck a deal with “Black Widow” actress Scarlett Johansson and that they will continue to work together. In addition, Walt Disney World is celebrating its 50th anniversary today.
Among the other Dow winners, American Express (AXP) and IBM (IBM) grew by more than 2% each, while Microsoft (MSFT), Visa (V) and Chevron (CVX) added about 1.5% each.
On the decline, Walmart (WMT) fell about 2%, while Apple (AAPL), J&J and UnitedHealth (UNH) each gave up less than 1%.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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