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The Dow Jones Industrial Average jumped nearly 700 points early Monday, after the House passed President Joe Biden’s $ 1.9 trillion stimulus bill over the weekend.
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The Dow Jones industrialists were up 2.2%, the S&P 500 was up 2.1% and the Nasdaq was also up 2.1% in the stock market today. Small caps followed by the Russell 2000 outperformed, up 2.6%. Volume was lower on the two major exchanges compared to the same time on Friday.
On Saturday, the House passed Biden’s Covid-19 relief bill, which includes $ 1,400 stimulus checks for many Americans. The bill is now heading to the Senate.
Tech stocks propelled the Nasdaq to a 43.6% gain in 2020 for its fifth best year in history. The S&P 500 rose 16.3% and the Dow Jones added 7.2% last year. Read The Big Picture for a detailed daily market analysis.
Covid-19 update
The Covid-19 pandemic continues to rock the U.S. economy, as nationwide lockdowns approach the one-year threshold. But there are signs of hope as vaccinations roll in and cases start to level off in some states.
Snapshot of the US Stock Market Today |
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|---|---|---|---|---|
| Index | symbol | Price | Loss of profit | % Change |
| Dow jones | (0DJIA) | 31623.85 | +691.48 | +2.24 |
| S&P 500 | (0S and P5) | 3897.00 | +85.85 | +2.25 |
| Nasdaq | (0NDQC) | 13508.41 | +316.07 | +2.40 |
| Russell 2000 | (IWM) | 225.00 | +6.69 | +3.06 |
| IBD 50 | (FFTY) | 47.47 | +1.81 | +3.96 |
Last updated: 11:18 AM ET 03/01/2021 |
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According to Worldometer, cumulative cases of Covid-19 around the world are approaching 115 million with more than 2.5 million deaths. In the United States, cases topped 29 million with nearly 526,000 deaths, although the number of new cases in the United States has slowed significantly in recent weeks.
The Saturday, Johnson & johnsonThe coronavirus vaccine (JNJ) has become the third FDA approved for emergency use. On Friday evening, an advisory committee recommended approval of the single-injection vaccine. J&J has pledged to deliver 20 million doses this month and 100 million by the end of June.
J&J stock, up nearly 2% in high volume, is working on a new flat base with a buy point of 173.75, according to MarketSmith chart analysis. The new base began to form after a 10% lead over an earlier flat base model.
Dow winners, no losers
Boeing (BA) climbed 6% in fast trading after testing support at its 50-day moving average on Friday. United Airlines (UAL) said it has ordered 25 new Boeing 737 MAXs. Boeing is in a 21-week consolidation with a buy point of 244.18. Boeing’s stock is about 8% of entry.
Among the other top notch winners, Chevron (CLC), Dow Inc. (DOW) and Intel (INTC) increased by about 3% each. Apple (AAPL) and Disney (DIS) were among a half-dozen Dow stocks rising more than 2% each.
Apple, up nearly 3% in heavy trading, is still below its 50-day line. The stocks triggered the sell rule reducing losses from 7% to 8% on February 18, as they fell below a 138.89 buy point from a cup with a handle.
Disney, up 2.8%, is again extended by a purchase point of 183.50 on a flat basis. He had returned to the buy range over the past two sessions. The Disney share buying area reached 192.68.
All 30 Dow stocks were up.
Outside the Dow
You’re here (TSLA) rose nearly 4%, on track to stop a two-day slide. Last week, the electric vehicle giant fell below its 10-week moving average. Stocks are around 22% of their Jan 25 high, but remain well-extended from a 466 point of buying a cup with a handle.
Rival China Nio (NIO) gained 6% rapid turnover ahead of its profits due after the close. Analysts expect the electric vehicle maker to lose 6 cents a share on revenue of $ 1.02 billion. Nio shares are near 30% of their Jan 11 peak after plunging 17% last week.
Video zoom (ZM), which also reports Monday night, jumped 5% in heavy trade. The stock fell above its 50-day line after breaking support last week. Wall Street predicts the online meeting platform will earn 79 cents a share, up 427% year-over-year. Revenue is expected to climb 331% to $ 811.7 million. The Zoom stock is over 30% of its high.
Bitcoin rose above the $ 48,000 level early Monday and was trading around $ 48,330, according to CoinDesk. The price of Bitcoin hit a record high on February 21, reaching $ 58,332.
Grayscale Bitcoin Trust (GBTC) fell 23.8% last week, but still remains above its 10-week support level.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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