Dow Jones Rally Led By Goldman Sachs, Apple, JPMorgan; Chip Stocks Lead Nasdaq, Bitcoin Breaches $50,000 Level

U.S. stocks held solid gains in afternoon trading Friday, recovering nicely after a weak session Thursday. Goldman Sachs (GS), JPMorgan (JPM) and Apple (AAPL) outperformed in the Dow Jones today, but Intel (INTC), American Express (AXP) and Honeywell (HON) lagged badly on disappointing earnings.


Intel cratered 6% after reporting softness in data center chip sales. Q2 guidance was mixed. Bad news from Intel was good news for Nasdaq 100 stock Advanced Micro Devices (AMD), which jumped nearly 5%.

Bitcoin plunged below the $50,000 level, but Riot Blockchain (RIOT) reversed higher after falling 8.5% intraday. Grayscale Bitcoin Trust (GBTC) also rallied off lows.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34055.48 +239.58 +0.71
S&P 500 (0S&P5) 4182.92 +47.94 +1.16
Nasdaq (0NDQC ) 14031.41 +213.00 +1.54
Russell 2000 (IWM) 226.05 +4.47 +2.02
IBD 50 (FFTY) 46.61 +1.52 +3.37
Last Update: 2:44 PM ET 4/23/2021

The Nasdaq composite and Russell 2000 small-cap index led the way, up 1.5% and 2%, respectively.

The Nasdaq reclaimed the 14,000 level and isn’t far from its all-time high of 14,175. The Russell 2000 is back above its 50-day moving average.

Dow Jones Today

With about one hour left to go in the session, the Dow Jones was up 0.7%. Goldman Sachs was a top gainer, up more than 2.5%. It’s forming a flat base near the 10-week moving average. The conventional entry is 356.95, but a move over its recent high of 344.47 would also correspond to a breakout over a trend line, which would give an earlier entry.

Apple stock rallied more than 2% ahead of next week’s earnings report. Apple is among a group of four FAANG stocks set to report earnings in the coming week, joining Facebook (FB), (AMZN) and Alphabet (GOOGL).

Alphabet joined Leaderboard on last month just ahead of a breakout from a flat base on April 5. Leaderboard stocks Microsoft (MSFT) and ServiceNow (NOW) also report next week.

The S&P 500 jumped 1.2%, helped by a bullish gain for Silicon Valley-based SVB Financial (SIVB), which bounced sharply off its 10-week moving average and hit an all-time high. The company reported impressive Q1 results, with adjusted profit up 293% year-over year, and revenue up 64% to $1.42 billion.

Financials led the stock market Friday. The SPDR S&P Regional Bank ETF (KRE) jumped 4%, and the Financial Select Sector SPDR ETF (XLF) added 2%.

Amid a lot of volatility in individual stocks below the surface, the Dow Jones, S&P 500 and Nasdaq are near highs.

Higher volume declines for the Nasdaq composite and S&P 500 Thursday resulted in fresh distribution days for both indexes, according to the Big Picture. But with the Dow Jones, S&P 500 and Nasdaq above their 10-day moving averages, it’s not a market under meaningful distribution. The S&P 500 shows three distribution days since April 14. The Nasdaq shows 2 since April 12.

Earnings Movers

One day after Chipotle (CMG) and Lam Research (LRCX) sold the news on earnings, Snap (SNAP) and Boston Beer (SAM) showed similar action, giving back early gains.

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Snap stock pared a 10.8% intraday gain to 2.5% despite reporting the strongest revenue and user growth in three years. Meanwhile, revenue growth accelerated for the second straight quarter at Boston Beer, helped by strength in the company’s Truly hard seltzer brand, but the stock turned negative after soaring xx intraday.

Inside the IBD 50, Western Alliance Bancorp (WAL) jumped to a new high, while NFT play PLBY Group (PLBY) resumed its torrid ascent, rising 12%. After soaring nearly 49% last week, shares are up another 23% this week.

Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.


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