Nasdaq Leads Upside; Dow Jones Gains 227 Points As Apple, Goldman Sachs Lead Blue Chips; These Stocks Score Breakouts

The Dow Jones Industrial Average posted solid gains in today’s market. Stocks recovered from the prior day’s sell-off over President Joe Biden’s proposed increase in the capital gains tax rate on wealthy individuals, and an income tax rate hike. All the major indexes were higher as the Nasdaq led with a gain of 1.4%.


Stock Market Today

At the close of the day, the Nasdaq composite more than erased the prior day’s losses. The S&P 500 traded 1.1% higher, while the Dow Jones posted a gain of 0.7%, or 227 points. The small-cap Russell 2000 index held a solid gain of 1.8%. Volume was lower on the NYSE and the Nasdaq vs. the close on Thursday, according to early data.

Stocks gave back some gains in the final half-hour of trading. Outperformance in stocks like Apple (AAPL), as well as bank stocks Goldman Sachs (GS) and JPMorgan Chase (JPM), led the Dow.

On the Nasdaq, Xilinx (XLNX) was among top performing stocks, with a gain of more than 5% that retook its 50-day line. But the stock remains well off highs. Advanced Micro Devices (AMD) also posted a strong gain, up roughly 4.5%.

In other news, Bitcoin fell as low as $47,467 overnight before paring losses. In afternoon trading on Friday, the cryptocurrency held a loss of more than 4% and is now trading just above the $50,000 mark, according to Coindesk. This is well below the recent all-time high of $64,829 from April 14.

Recent IPO stock Coinbase (COIN), a leading cryptocurrency exchange, held a slight loss of less than 0.5% on Friday and remains well off its April 14 IPO-date high of 429.54. The stock gave up more than 14% over the past week.

Elsewhere, the Grayscale Bitcoin Trust (GBTC) rallied from lows and posted a gain of 2.6%. After losing as much as 5% in Thursday trading, it finally snapped a five-day losing streak on Friday. However, it still fell by roughly 17% for the week.

Growth Stocks Passing Buy Points

As for growth stocks, a few from the MarketSmith Growth 250 list broke out from proper bases. Shares of HubSpot (HUBS) and Cantel Medical (CMD) traded inside buy zones on Friday.

HubSpot rose above a cup-with-handle base’s 544.93 buy pointaccording to MarketSmith analysis. Shares closed inside this key buy area. HubSpot holds a very strong Composite Rating of 95 and solid Relative Strength Rating of 95.

The stock has behaved bullishly over the past year, which is reflected in its RS Rating. The cloud sales platform stock is up more than 40% since the start of 2021.

Cantel Medical broke out from a cup base with an 89.20 buy point. After holding a gain of over 1%, shares closed just above the proper buy point. The medical equipment developer holds a solid Composite Rating of 94.

As for the Innovator IBD 50 ETF (FFTY), shares of the growth-focused ETF rallied 3.6% Friday, proving to be a market outperformer. The index also reclaimed its 50-day line for the first time since late-March. Stocks leading the upside in the index were PLBY (PLBY) and Western Alliance Bancorp (WAL), with gains of over 12% and 6%, respectively.

Dow Jones Today

As for the Dow Jones industrials, a handful of blue chips held gains of more than 2%, including Apple, Goldman Sachs and JPMorgan.

Apple stock is nearing a cup base buy point of 145.19, according to MarketSmith analysis. However, the base is third stage, giving investors reason for caution.

Goldman Sachs rose more than 2.5% and gained support at its 50-day moving average. The financial stock remains 5% below the nearest flat base entry of 356.95. The firm’s IBD Ratings look positive, with a Composite Rating of 97 and an RS Rating of 80.

Chipmaker Intel (INTC) was the biggest decliner in the Dow, falling over 5% despite strongly beating Wall Street targets for Q1. Investors sold after the firm issued disappointing guidance for its Q2 earnings.

Intel earned an adjusted $1.39 a share on sales of $19.67 billion in the March quarter. This was down from last year, despite besting analyst expectations.

Other stocks leading the downside included Honeywell (HON) and American Express (AXP), with losses over 1.5% each.

Follow Fox on Twitter at @foxonstocks for more Dow Jones and market commentary.


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