The Nasdaq faded a bit Thursday afternoon while other indexes held gains, as some new breakouts added to an improving picture for the stock market.
Additonally, the Nasdaq composite and S&P 500 climbed to record highs. The Nasdaq was up 0.7% and is catching up fast in year-to-date performance to the S&P 500. The Nasdaq is up 11.5% while the S&P still leads with a 13.7% gain. The S&P 500 added 0.6% Thursday afternoon.
Dow Jones Leads In Stock Market
The Dow Jones Industrial Average did not make new highs, but its 0.9% gain led the major indexes. The Dow is trying to reclaim its 50-day moving average after closing the past six sessions below it. Dow component Visa (V) was trying to break out of a flat base but traded below the 237.60 buy point.
Meanwhile, volume was lower compared with the same time on Wednesday. But breadth was strong, with advancing stocks better than 2-to-1 over decliners on the Nasdaq and NYSE. The small-cap Russell 2000 added 1%, on track for a fourth straight gain.
U.S. Stock Market Today Overview
Last Update: 1:28 PM ET 6/24/2021
Since Friday, IBD’s market outlook has been at “confirmed uptrend” after a short period in which the outlook went to a mixed “under pressure” designation. With the Nasdaq and S&P 500 at new highs Thursday, the stock market looks more confident.
Value stocks lagged earlier in the session, but iShares Russell 1000 Value ETF (IWD) has caught up in the past couple of hours. It’s up 0.6%, the same increase as iShares Russell 1000 Growth (IWF). For the year, the growth index is up 10.8%, the value ETF 15%.
The day’s most notable breakouts were in semiconductors and other tech areas.
Tech Tops New Breakouts
Semrush (SEMR) rocketed more than 25% as it broke out of a cup-with-handle base with a 20.60 buy point. Semrush, an internet analytics firm discussed in IPO Leaders, went public March 25 at 14 a share.
Marvell Technology (MRVL) cleared a 22-week pattern with a 55.80 entry, but volume was light. The 51.49 high on April 8 provided an alternate, and lower, buy point.
IT consulting firm Accenture (ACN) rose above a flat base buy point of 294.60 but sank back into the pattern. The company today beat profit and sales expectations for its May-ended quarter and raised its outlook.
Juan Carlos Arancibia is the Markets Editor of IBD and oversees our market coverage. Follow him at @IBD_jarancibia
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