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The Dow Jones Industrial Average traded higher in today’s stock market, with all major indices closing near their daily highs. The Nasdaq composite led higher as the S&P 500 hit another all-time high on Thursday.
X
At the close of market, the Russell 2000 Small Cap Index was up 1.5%. Meanwhile, the Nasdaq was up 1.8%, leading the market. The S&P 500 traded up 1.2% to hit a high of 4,020.63. Dow Jones industrialists gained 0.5%. Early data showed volume fell on the Nasdaq and NYSE from Wednesday’s close.
Shares rose on Thursday as the yield on 10-year Treasuries fell about six basis points to around 1.68%. The S&P 500 Index climbed above 4000 for the first time in history, hitting the new high close.
Early Thursday, the Department of Labor reported initial jobless claims of 719,000 for the week ended March 27, which was higher than estimates of 675,000 and a revised 658,000 from the previous week.
On the growth side, the Innovator IBD 50 ETF (FFTY) gained 1.6%. The growth oriented index is still trading below the 50 day mark. IBD 50 stocks leading higher on Thursday were Hubspot (HUBS) and Meridian Bioscience (VIVO) with gains of over 7% each.
Out of stock of four chips
The last few weeks have been choppy for the main indices. IBD changed its market outlook to confirm an uptrend as the S&P 500 issued a follow signal last week. As the market turns a green light for investors to continue to initiate new positions, it may be best to stay cautious.
Several chip stocks, namely chip equipment companies, erupted on Thursday after showing renewed vigor in recent sessions. Among them were Qorvo (QRVO), TO COMPLAIN (KLAC) and Lam Research (LRCX). Actions of Integris (ENTG) also erupted.
Lam Research recently formed a consolidation with a buy point of 603.70. On Thursday, the growth stock pulled back and hit a new high of 639.49. The stock traded above the upper edge of the 5% buy zone, which peaked at 633.88.
Qorvo shares broke a buy point of 191.93 following a consolidation. Stocks closed in the 5% buy zone. The stock hit a new high of 194.28 after rising more than 5%.
Elsewhere, the UCK squeezed into the buy zone above its 342.31 cup-base buy point. Shares gained more than 5% to hit a new high of 347.78. The stock is now trading in the 5% buy zone, which peaks at 359.42.
Finally, Entegris exited a buy point of 114.10 on a consolidation basis after advancing nearly 6%.
Dow Jones today
As for Dow components, Salesforce.com (CRM), Microsoft (MSFT) and Visa (V) led the rise with gains of over 2% each. On the downside, the shares of UnitedHealth Group (UNH) and Boeing (BA) were down 0.7% or more each.
The title of the Microsoft ranking has gained almost 3%. The title returned to the 50-day line on Wednesday. Microsoft is also a long-term leader of IBD. The shares traded above a buy point of 232.96 on Thursday, putting the software giant in a potential buy range that peaks at 244.61.
The stock is also approaching a buy point of 246.23 on a new flat basis, according to MarketSmith chart analysis. Microsoft stock is about 2% of entry.
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