The Dow Jones Industrial Average surged 500 points Thursday, as Senate Republicans offered Democrats a short-term debt-limit extension. Apple and Tesla stock rallied in morning trade.
XAmong the Dow Jones leaders, Apple (AAPL) rallied 1.3% Thursday, while Microsoft (MSFT) moved up 0.7% in today's stock market. American Express (AXP) and Merck (MRK) are near new buy points Thursday.
Tesla (TSLA) gained 0.5% Thursday morning, and is still just above its latest buy point. Elsewhere, Chipotle Mexican Grill (CMG) and Square (SQ) were stocks on the march higher in morning trade.
Among the top stocks to watch, Netflix (NFLX) and ServiceNow (NOW) are in or near new buy zones, although the market, for now, remains in a correction.
Microsoft, ServiceNow and Tesla are IBD Leaderboard stocks. American Express is an IBD SwingTrader stock. Netflix featured in this week's Stocks Near A Buy Zone column.
Dow Jones Today: Debt-Limit Extension
Early Thursday, the Dow Jones Industrial Average rallied 1.5%, while S&P 500 moved up 1.5%. The tech-heavy Nasdaq composite rose 1.7% in morning action.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34957.29 | +540.30 | +1.57 |
| S&P 500 | (0S&P5) | 4428.27 | +64.72 | +1.48 |
| Nasdaq | (0NDQC ) | 14748.16 | +246.25 | +1.70 |
| Russell 2000 | (IWM) | 224.13 | +4.26 | +1.94 |
| IBD 50 | (FFTY) | 47.77 | +0.94 | +2.01 |
Last Update: 10:37 AM ET 10/7/2021 |
||||
On Wednesday, Senate Republicans — headed by Minority Leader Mitch McConnell — offered to compromise on a short-term debt-limit extension, pushing out a possible showdown over the debt ceiling until December. "We're making good progress; we're not there yet, but I hope we can come to an agreement (Thursday) morning," Senate Majority Leader Chuck Schumer commented.
Among exchange traded funds, Innovator IBD 50 (FFTY) rose 1.8%. Nasdaq 100 tracker Invesco QQQ Trust (QQQ) gained 1.55%. And the SPDR S&P 500 ETF (SPY) moved up 1.5%.
Stock Market ETF Strategy And How To Invest
Stock Market Rally Attempt
The Nasdaq and S&P 500 continue to rebound from Monday's correction lows. On Monday, the Nasdaq closed at its lowest level since June 22, but is now on pace to extend a win streak to three sessions. Meanwhile, the Dow Jones Industrial Average is setting up for a key test of its 50-day line.
On Wednesday, The Big Picture commented, "The stock market gave more signs it may be coming out of its correction after the main indexes reversed higher Wednesday. Still, the market outlook is uncertain."
Five Best Dow Jones Stocks To Watch Now
Dow Jones Stocks To Watch: American Express, Merck
Dow Jones leaders American Express and Merck are blue chip stocks to watch in today's stock market action.
IBD SwingTrader stock American Express is approaching a 178.90 buy point in a cup with handle, according to IBD MarketSmith chart analysis. Shares rallied more than 1% early Thursday, and are about 2% away from the new entry.
Merck looked to bounce after two straight days of losses, rallying 1.5% Thursday. Last week, Merck said its Covid pill reduced the risk of hospitalization by half in a final-phase study, sparking an 8.4% surge and a breakout past a 79.33 buy point in a flat base.
Merck's Relative Strength Rating is a weak 56. Its Composite Rating from IBD is 74.
Stocks On The Move: Chipotle, Square
Chipotle Mexican Grill rallied more than 1% in morning trade, as Wells Fargo upped its price target from 1,800 to 2,180. The top restaurant stock remains below its 50-day line. A new base could be forming, but it is too soon for a new buy point.
Square jumped 3% after Jefferies upgraded the stock from hold to buy with a 300 price target. SQ shares remain about 15% off their 52-week high and are moving back above their long-term 200-day line.
Join IBD experts as they analyze leading stocks in the stock market correction on IBD Live
Stocks To Watch: Netflix, ServiceNow
FANG stock leader Netflix hit more new highs Thursday morning, rallying more than 1% before slashing gains. NFLX stock is outside the 5% buy zone past a 593.39 entry point in a consolidation amid the recent global success of its series "Squid Game."
According to IBD Stock Checkup, NFLX stock shows a strong 98 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.
IBD Leaderboard stock ServiceNow is trying to find support around its key 50-day moving average despite a weak overall market. Early Thursday, the stock looked to again rebound from that level, rising 1.5%.
Bullishly, the stock's relative strength line hit a high in late September, indicating shares are holding up well amid the current stock market volatility. But now the stock is under pressure again. During weak markets, look for stocks that are holding up the best. When the market rebounds, these names can be some of the next top stocks to watch.
Tesla Stock
Tesla stock rose 0.5% Thursday morning, looking to add to Wednesday's mild gain. TSLA shares are still just above a 764.55 buy point in a cup with handle.
The stock closed Tuesday about 12% away from record highs. On Jan. 25, Tesla stock hit a record high of 900.40, after climbing as much as 93% from a 466 buy point in a cup-with-handle pattern.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple moved up 1.3% Thursday, on pace to extend a win streak to three sessions. The stock is still well below the 50-day line.
Software giant Microsoft rose 0.7% Thursday, as the stock tests its 50-day line. A decisive retake of this level would be bullish for the stock's prospects. Meanwhile, a new flat base is forming with a 305.94 buy point.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
YOU MAY ALSO LIKE:
Top Growth Stocks To Buy And Watch
Learn How To Time The Market With IBD's ETF Market Strategy
Find The Best Long-Term Investments With IBD Long-Term Leaders
MarketSmith: Research, Charts, Data And Coaching All In One Place
How To Research Growth Stocks: Why This IBD Tool Simplifies The Search For Top Stocks
Article From & Read More ( Dow Jones Surges As Republicans Offer Debt-Limit Extension; Apple, Tesla Rally - Investor's Business Daily )https://ift.tt/3oIk11e
Business
Bagikan Berita Ini
0 Response to "Dow Jones Surges As Republicans Offer Debt-Limit Extension; Apple, Tesla Rally - Investor's Business Daily"
Post a Comment