The Dow Jones Industrial Average rose slightly in today’s stock market as the S&P 500 turned lower for a second straight day. In the hour leading up to the close, the major indexes slid from their highs of the day but remained well off the earlier lows.
Various tech companies reported earnings late Tuesday, which resulted in major stock moves Wednesday.
Ride-sharing company Lyft (LYFT) jumped more than 10% early, but pared those gains to 4.8% at the close. The company issued Q4 results Tuesday that beat analysts’ expectations. Lyft also announced it could be profitable as soon as the third quarter of this year. Shares are currently extended from the 10-week line.
Elsewhere, shares of Twitter (TWTR) gained 13% after the company’s sales and EPS grew more than expected. The stock sailed into the 20%-25% profit zone Wednesday from a 56.21 consolidation breakout, according to IBD MarketSmith chart analysis.
Stock Market Today
At the close, the small-cap Russell 2000 index was down 0.7%, leading the indexes on the downside. Meanwhile, the Dow Jones was the only index to hold a gain, up 0.2%. The S&P 500 fell less than 0.1%, after hitting a new high of 3,931.50 earlier in the session. The Nasdaq composite declined more than 0.2%, after hitting an intraday record as well of 14,109.12.
Volume was higher on the Nasdaq and the NYSE compared with the close on Tuesday, according to early data.
The Innovator IBD 50 ETF (FFTY) eased nearly 0.1% Wednesday. Stocks leading the upside in the growth-focused ETF were 360 DigiTech (QFIN) and Cerence (CRNC), with gains of 9.1% and 5.2%, respectively.
Dow Jones Today
Shares of Disney (DIS) were also among top performers in the index. The stock rose above a new flat-base buy point of 189.28 earlier this week and is currently trading inside the 5% buy zone. Shares held near their highs in afternoon trading. The buy zone tops out at 192.68. Disney stock recently found solid support at the 50-day line, which sent shares directly past the buy point.
Stocks Breaking Out
Nvidia rose above a 587.76 buy point in a flat base. Shares traded more than 3% higher and remain in the 5% buy zone, according to IBD MarketSmith chart analysis. The firm maintains an excellent Composite Rating of 97 but a lower-than-ideal RS Rating of 75 due to a period of sideways trading in recent months.
Meanwhile, shares of Veeva Systems rose above a 314.09 consolidation buy point. But the stock slipped back below this area near the end of the day. Shares remain just below the 5% buy zone, which tops out at 329.79. The stock rose 2.1% on Wednesday and maintains a strong Composite Rating of 95.
Follow Rachel Fox on Twitter at @foxonstocks for more market insight and Dow Jones commentary.
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