The Dow Jones Industrial Average traded higher in today’s market and remained near its highs of the day in afternoon trading. Meanwhile, the S&P 500 also traded in the positive after notching a new high.
Stock Market Today
About an hour before the close, the Nasdaq held a gain of 0.9%. Meanwhile, the S&P 500 traded 1.1% higher and reached a new high of 4,369.21. The Dow Jones industrials gained 1.3%, rising more than 450 points. The small-cap Russell 2000 index led the indexes, up 2%. Volume was running lower on the NYSE and on the Nasdaq vs. the same time on Thursday.
Shares rose broadly Friday while the 10-year Treasury yield rebounded 6 basis points to 1.35%, after hitting a low of 1.25% on Thursday before closing at 1.29%.
Elsewhere, oil prices continued to rebound from a sell-off earlier this week caused by to a breakdown in communications between OPEC+ members. West Texas intermediate oil prices gained 2.3% to $74.64 a barrel near Friday’s close, after briefly spiking to a six-year high of $76.98 earlier this week.
Growth stocks traded lower as the Innovator IBD 50 ETF (FFTY) gained 1.7%. Shares remain below support at the 50-day line, a bearish sign. Stocks leading the upside included Cleveland-Cliffs (CLF) and Snap (SNAP), with gains of over 5.5% each.
Shares of Snap are working to regain the 50-day line after breaking below this area on Thursday. The stock is also forming a consolidation with 73.69 buy point. The stock boasts strong IBD Ratings, with a 97 Composite and a 91 RS Rating.
Ford (F) became extended from a buy zone on Friday after rising nearly 3%. But Ford is not getting support at the 50-day moving average. The firm announced strong China sales figures indicating 306,700 cars for the first half of this year, up 24%. The Leaderboard stock fought back after giving up some recent gains over the past few weeks.
Dow Jones Today
Stocks outperforming in the Dow Friday included chemicals firm Dow Inc. (DOW), which gained 2.8% in heavy trade. But shares still remain stuck below the 50-day moving average and have been there since mid-June.
Goldman regained its 50-day line and is on pace to break a five-day losing streak. Shares are back above a 356.95 buy point of a cup base, after triggering the round-trip sell signal last month.
Meanwhile, JPMorgan remains below its 50-day line and is about 8% off its 52-week high. Both Goldman Sachs and JPMorgan report earnings next week.
In recent weeks, Apple stock reclaimed its 50-day line, a bullish sign. The stock’s RS line has also turned higher. Earlier this week, JPMorgan also raised its price target on the iPhone maker to 170 from 165 and maintained an overweight rating.
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