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Dow Jones Rises To New High As Apple Extends Win Streak; Growth Stocks Break Out

Stocks rose moderately Friday as the Dow Jones Industrial Average and S&P 500 stayed on track for all-time highs. Apple is extending a win streak and several growth stocks are breaking out.




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The Dow Jones industrials rose 0.4%, the S&P 500 gained 0.3%, and the Nasdaq climbed 0.1% in the stock market today. Small caps tracked by the Russell 2000, down 0.4%, lagged. Volume was lower on both major exchanges vs. the same time Thursday.

Ahead of the open Friday, the U.S. producer price index rose 1% in March, above forecasts for a 0.5% increase.

The 10-year Treasury yield jumped to 1.68% early Friday, after closing around 1.63% Thursday. It pulled back to 1.64% in the afternoon, still on track to snap a three-day losing streak.

For the week, the Nasdaq is headed for a 2.7% gain, the S&P 500 is eyeing a 2.2% advance and the Dow Jones index is up 1.5%.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 33661.02 +157.45 +0.47
S&P 500 (0S&P5) 4111.10 +13.93 +0.34
Nasdaq (0NDQC ) 13840.02 +10.71 +0.08
Russell 2000 (IWM) 222.06 -0.50 -0.22
IBD 50 (FFTY) 45.43 +0.28 +0.62
Last Update: 2:52 PM ET 4/9/2021

Tech stocks boosted the Nasdaq composite to a 43.6% gain in 2020 for its fifth best year ever. The S&P 500 rose 16.3% and the Dow added 7.2% last year. After a strong start this year, the market is rebounding from a short correction. Read The Big Picture for 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.

Cumulative Covid-19 cases worldwide are approaching 135 million, with more than 2.9 million deaths, according to Worldometer. In the U.S., cases have topped 31.7 million with over 574,000 deaths, although the number of new cases in the U.S. has slowed dramatically.

As the world rushes to distribute vaccines, Johnson & Johnson (JNJ) fell 1.7% to undercut its 50-day moving average. European regulators are investigating four cases of blood clots in recipients of J&J’s Covid vaccine. The health care giant is also having some manufacturing issues.

J&J stock is about 8% away from a 173.75 buy point of a flat base, according to MarketSmith chart analysis.

Pfizer (PFE) and BioNTech (BNTX), whose joint vaccine is also approved for emergency use, rose a respective 1% and 6%. Moderna (MRNA), which makes the third FDA-approved vaccine, rallied nearly 7%.

Dow Jones Winners And Losers

Biggest blue-chip gainers included UnitedHealth (UNH), Honeywell (HON) and Salesforce.com (CRM), up more than 2% each.

Apple (AAPL) and Intel (INTC) rose about 1.5% apiece. Apple stock is on track to extend its win streak to seven days. The iPhone maker is delaying some MacBook and iPad orders due to the global chip shortage, Japan’s Nikkei news service reported Thursday.

Apple reclaimed its 10-week average this week after spending nearly two months below the support line. On Feb. 18, Apple triggered the 7%-8% loss-cutting sell rule when it fell more than 7% below a 138.89 buy point of a cup with handle.

Intel stock is nearly extended from a 65.21 buy point of a double-bottom base. In afternoon trade, the chip giant’s shares were around 68.08. The buy range tops out at 68.47.

On the downside, Walgreens (WBA) and Boeing (BA) joined Johnson & Johnson with losses of more than 1% each.

Boeing has pulled back into buy range from a 244.18 buy point of a cup base. The buy range goes up to 256.39. The jet maker has recommended customers fix a “potential electric issue” on certain 737 Max jets before returning them to service. Boeing said it’s working with the Federal Aviation Administration regarding the issue.

Outside The Dow

Homebuilders, managed care providers and retail stocks led the upside among IBD’s 197 industry groups. But consumer electronics retailers, biotech, and oil and gas stocks lagged.

Square (SQ) rose nearly 2%, extending Thursday’s 5% jump and on pace to extend its win streak to seven days. Shares are about 7% away from a 283.29 buy point. The digital payments processor, which recently joined IBD Leaderboard, is featured in today’s Sector Leaders.

Square is also an IBD 50 stock. The Innovator IBD 50 ETF (FFTY) climbed nearly 1% as it aims to retake its 50-day line. Lovesac (LOVE), At Home (HOME) and BioNTech rallied more than 6% each.

Lovesac soared 12% to clear a consolidation buy point of 66.10 in heavy volume. The furniture maker reports earnings next week.

Floor & Decor (FND) was also a big winner. Shares rallied more than 5% to clear a 101.84 buy point of a cup with handle. Floor & Decor is extended from the entry. But it’s in buy range from a higher entry at 108.14.

Follow Nancy Gondo on Twitter at @IBD_NGondo

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