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Dow Jones Jumps 200 Points As Stock Market Rallies; Apple, Goldman Lead Blue Chips

The Dow Jones Industrial Average held near session highs near midday Friday, as gains in Goldman Sachs and Apple helped offset a big drop from Intel.




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The Nasdaq rallied 1.3%, the S&P 500 rose 1% and the Dow Jones industrials gained 0.5% in the stock market today. Small caps tracked by the Russell 2000 outperformed, up 1.7%. Volume was mixed, lower on the NYSE but higher on the Nasdaq vs. the same time Thursday.

For the week, the Nasdaq and Dow Jones index are headed for a 0.7% loss, while the S&P 500 is on track for a 0.5% dip. Last week, the Dow and S&P 500 marked record highs.

In 2020, tech stocks boosted the index to a 43.6% gain — its fifth best year ever. The S&P 500 rose 16.3% in 2020 and the Dow added 7.2%. After a strong start this year, the market is rebounding from a short correction. Read The Big Picture for more detailed daily market analysis.

Covid-19 Update

The Covid-19 pandemic has roiled the U.S. economy, as nationwide lockdowns pass the one-year mark. But many states are relaxing restrictions, and while cases are starting to plateau in some states, there are signs of hope as vaccinations roll out.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 33979.14 +163.24 +0.48
S&P 500 (0S&P5) 4175.22 +40.24 +0.97
Nasdaq (0NDQC ) 14003.64 +185.23 +1.34
Russell 2000 (IWM) 225.27 +3.69 +1.67
IBD 50 (FFTY) 46.15 +1.06 +2.35
Last Update: 12:04 PM ET 4/23/2021

Cumulative Covid-19 cases worldwide have topped 145 million, with more than 3 million deaths, according to Worldometer. In the U.S., cases are approaching 33 million with over 584,000 deaths, although the number of new cases in the U.S. has slowed dramatically in many states.

Johnson & Johnson (JNJ) edged 0.2% higher as a Centers for Disease Control and Prevention advisory committee meets to discuss safety concerns. Out of nearly 7 million people who got J&J’s Covid-19 vaccine, at least six women developed a rare blood clot condition. Last week, the committee extended the pause.

J&J stock continues to work on a flat base with a 173.75 buy point, according to MarketSmith chart analysis. It’s about 5% away from the entry.

Dow Winners And Losers

Goldman Sachs (GS) and Dow Inc. (DOW), up more than 2% each, were the biggest blue chip gainers.

Goldman stock is testing support at its 10-week moving average, which sets up a chance to buy or add shares. It’s also working on a flat base with a 356.95 buy point. Shares are about 5% away from the entry.

Dow Inc., up 2.1% in above-average trade, is also building a flat base. Shares are roughly 8% below a potential buy point of 67.37.

Apple (AAPL), JPMorgan (JPM) and IBM (IBM) added about 1.5% apiece.

Apple stock continues to build a cup base with a 145.19 buy point. On Tuesday, the iPhone maker announced the long-awaited debut of its AirTags item trackers at its “Spring Loaded” product event. It also introduced new iMac desktop computers running Apple-designed processors and new iPad Pro tablets.

But Intel (INTC) gapped down and sank 6% in heavy trade to fall well below its 50-day moving average. Late Thursday, the chip giant reported Q1 earnings and sales that easily beat Wall Street targets. But Intel’s Q2 guidance disappointed.

Intel earned an adjusted $1.39 a share on sales of $19.67 billion in Q1. Analysts expected $1.15 a share on $17.86 billion. On a year-over-year basis, Intel earnings and sales both dipped 1%.

American Express (AXP) fell 2% to test its 50-day line. The credit card provider delivered Q1 earnings that beat forecasts, but revenue missed. Shares are forming a six-week flat base with a 151.56 buy point.

Outside The Dow

Bitcoin briefly plunged below $48,000 overnight, trading as low as $47,467 before paring losses. Midday Friday, it was down 9% and trading around $49,794, according to Coindesk. The price of Bitcoin marked an all-time closing high of $63,346 on April 15.

Grayscale Bitcoin Trust (GBTC) sold off 5% early Friday, before paring its loss to 2%. It’s on pace to extend a losing streak to six sessions. The Bitcoin-tracking ETF broke down below its key 50-day line this week.

Recent IPO Coinbase (COIN) tumbled nearly 4% Friday morning before reversing 2% higher amid the weakness in Bitcoin. Shares hit a post-IPO low Friday and are about 35% off their high of 429.54.

The Innovator IBD 50 ETF (FFTY) advanced 2.4% to retake its 50-day line, thanks to big gains from PLBY Group (PLBY), Western Alliance (WAL) and Lousiana Pacific (LPX). Only three stocks declined.

Follow Nancy Gondo on Twitter at @IBD_NGondo

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