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The Dow Jones Industrial Average index climbed in today’s stock market as the blue chip index and the S&P 500 hit new intraday highs. The Nasdaq also rose strongly, with a gain of more than 300 points, at the top of the main indices. However, in the last hour of trading, all three indices fell slightly from their highs for the day.
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Stock exchange today
The Russell 2000 Small Cap Index advanced 2.3%. The Nasdaq composite rose 2.5%, leading the market higher. The S&P 500 traded 1% higher while the Dow Jones posted a 0.5% increase. Volume was lower on the NYSE and Nasdaq, compared to the same time on Wednesday.
Major indices initially rose after Congress passed another broad coronavirus relief package. On Wednesday, the House passed the Senate version of President Joe Biden’s $ 1.9 trillion stimulus bill. Biden signed the bill Thursday afternoon.
Meanwhile, tech stocks led the market higher as the high tech Nasdaq rebounded from last week’s sell off. Blue chips and tech stocks have diverged sharply from their performance in recent weeks as investors shifted away from growth to value and cyclical stocks linked to an economic recovery. But this week, tech stocks have rebounded significantly.
Also on Thursday, the Labor Department reported that initial jobless claims fell to 712,000 by the week ended March 6. This was below the 725,000 forecast and the 754,000 revised requests from the previous week. The number also marked a four-month low.
The Innovator IBD 50 ETF (FFTY) posted a spread of 4.4%. Growth equities ETF stocks regained support at the 50-day mark on Thursday. The stocks leading the rise in growth-oriented ETFs were 360 DigiTech (QFIN) and Digital turbine (APPS), with gains of over 11% each.
The recent IPO of the Digitech 360 stock found strong support in its 50-day line. Shares are currently extended by an 18.16 cut basis buy point and are up nearly 40% this week. Meanwhile, Digital Turbine has also found solid support on its 50-day line in recent days.
Homebuilders, utilities and beverage stocks led the decline in IBD’s industry groups after days of sector rotation in these key industries. Meanwhile, solar, software and chip stocks were among the top performers.
Dow Jones today
The Dow Jones held a strong gain as many blue chips traded higher. The stocks leading upward were Nike (OF), Boeing (BA) and Microsoft (MSFT).
Boeing shares traded around 3% higher on Thursday. Boeing shares rose in volume as they traded inside the buy zone from a cut base with a buy point of 244.18. The buy zone tops out at 256.28, according to MarketSmith analysis. The stock recently returned to its 50-day line, a bullish sign.
But investors should be aware that the stock maintains low IBD ratings, including a composite 25 rating and a 52 RS rating.
Elsewhere, Nike stock rose nearly 3% as stocks approach a 148.05 buy point from a flat base. The stock remains at 4% of the key buy zone. Stocks also returned to their 50-day line on Thursday, a bullish sign.
Leaderboard tech giant Microsoft’s share gained more than 2% as the shares traded in the buy zone of a consolidation buy point of 232.96. The stock recently found support near the 50-day moving average. Apple shares remain around 3% of their 52-week high.
Finally, the Intel stock gained nearly 2% and was also among the best performers in the Dow Jones. Stocks continued to approach a new buy point from a massive two-fund base, according to MarketSmith chart analysis. The base maintains an entry 65.21. Stocks remain at 7% of the key buy zone.
The graph could also be interpreted as a cup base with handle with an entry below 63.64. Stocks recently returned to their 50 and 200 day lines.
Follow Fox on Twitter at @foxonstocks for more Dow Jones and market commentary.
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