The Dow Jones Industrial Average surged by 500 points on Thursday as Senate Republicans extended short-term debt ceilings to Democrats. Apple and Tesla stocks rose in early trading.
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Among the leaders of Dow Jones, Apple (AAPL) rose 1.3% on Thursday, while Microsoft (MSFT) rose 0.7% in today’s stock market. American Express (AXP) and Merck (MRK) Close to a new buying point on Thursday.
Tesla (TSLA) rose 0.5% on Thursday morning, still slightly above its latest buying point. elsewhere, jalapeno pepper Plancha (CMG) and square (SQ) are stocks that rose in early trading.
Among the most noteworthy stocks, Netflix (NFLX) and Serve immediately (NOW) is at or close to a new buying area, although the market is still in correction at the moment.
Microsoft, ServiceNow and Tesla are IBD ranking stocks. American Express is IBD SwingTrader stock. Netflix appeared in this week’s “Stocks Near the Buy Zone” column.
Dow Jones Today: Debt Limit Extension
Earlier Thursday, the Dow Jones Industrial Average rose 1.5%, while the S&P 500 index rose 1.5%. The Nasdaq Composite Index, which is dominated by technology stocks, rose 1.7% in early trading.
U.S. stock market overview today |
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|---|---|---|---|---|
| index | Symbol | Price | Gain/loss | % Change |
| Dow Jones | (0DJIA) | 34,957.29 | +540.30 | +1.57 |
| Standard & Poor’s 500 Index | (0S&P5) | 4,428.27 | +64.72 | +1.48 |
| Nasdaq | (0NDQC) | 14,748.16 | +246.25 | +1.70 |
| Russell 2000 | (IWM) | 224.13 | +4.26 | +1.94 |
| Inflammatory bowel disease 50 | (FFTY) | 47.77 | +0.94 | +2.01 |
Last Update: 10/7/2021 10:37 AM Eastern Time |
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On Wednesday, Senate Republicans led by Minority Leader Mitch McConnell (Mitch McConnell) proposed a compromise on the extension of the short-term debt ceiling and postponed the possible showdown of the debt ceiling until December. “We are making good progress; we are not there yet, but I hope we can reach an agreement (Thursday) morning,” commented Senate Majority Leader Chuck Schumer.
Among exchange-traded funds, Innovator IBD 50 (FFTY) rose 1.8%. The Nasdaq 100 tracking index Invesco QQQ Trust (QQQ) rose 1.55%. SPDR S&P 500 ETF (SPY) rose 1.5%.
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Stock market rebound attempt
The Nasdaq Index and S&P 500 Index continued to rebound from Monday’s revised low. On Monday, the Nasdaq Index closed at its lowest level since June 22, but it is now expected to extend the winning streak to three trading days. At the same time, the Dow Jones Industrial Average is preparing for a critical test of its 50-day line.
On Wednesday, The Big Picture commented: “After the major stock indexes reversed and rose on Wednesday, the stock market has shown more signs of a possible correction. However, the market outlook is still uncertain.”
The five best Dow Jones stocks to watch now
Dow Jones stocks to watch: American Express, Merck
Dow Jones leaders, American Express and Merck, are blue-chip stocks that deserve attention in today’s stock market trends.
According to IBD MarketSmith chart analysis, the buying point of IBD SwingTrader stock American Express is close to 178.90 points. Earlier Thursday, the stock price rose by more than 1%, about 2% from the new entry point.
Merck appeared to rebound after two consecutive days of decline, rising 1.5% on Thursday. Last week, Merck stated that its Covid pills cut the risk of hospitalization by half in the final phase of the study, triggering a surge of 8.4% and breaking through the 79.33 entry point on a flat basis.
Merck’s relative strength rating is 56, and its IBD overall rating is 74.
Stocks on the move: Chipotle, Square
Chipotle Mexican Grill rose more than 1% in early trading as Wells Fargo raised its target price from 1,800 to 2,180. The inventory of top restaurants is still below its 50 antenna. A new base may be forming, but it is too early for a new point of purchase.
After Jefferies raised the stock from its holdings to a target price of $300, Square rose 3%. SQ’s stock price is still about 15% below its 52-week high and rebounded above the long-term 200-day line.
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Stocks to watch: Netflix, ServiceNow
FANG stock leader Netflix hit more new highs on Thursday morning, rising more than 1%, and then fell sharply. With the recent global success of the “Squid Game” series, NFLX stock exceeded the entry point of 593.39 and exceeded the 5% buying area.
According to the IBD stock check, NFLX stock shows a strong 98 in the perfect 99 IBD comprehensive rating. The IBD comprehensive rating identifies stocks with strong fundamental and technical characteristics.
Despite the overall market weakness, the IBD ranking stock ServiceNow is trying to find support near its critical 50-day moving average. Earlier Thursday, the stock is expected to rebound from that level again, rising 1.5%.
Optimistically, the relative strength and weakness line of the stock hit a new high at the end of September, indicating that the stock price has performed well under the current volatility of the stock market. But now the stock is under pressure again. In a weak market, look for the best performing stocks. When the market rebounds, these names may be the next top stocks to watch.
Tesla stock
Tesla shares rose 0.5% in early trading on Thursday, which is expected to continue Wednesday’s moderate rise. TSLA stock price is still slightly higher than the 764.55 buying point of the handle cup.
The stock closed about 12% from its all-time high on Tuesday. On January 25, Tesla’s share price hit a record high of 900.40 points, after the stock rose 93% from the 466-point cup handle pattern.
Dow Jones leaders: Apple, Microsoft
Among the highest stocks in the Dow Jones Index, Apple rose 1.3% on Thursday, which is expected to continue its upward momentum for three trading days. The stock is still well below the 50-day line.
Software giant Microsoft rose 0.7% on Thursday as the stock tested its 50-day line. Decisively returning to this level will benefit the stock’s prospects. At the same time, a new flat bottom is being formed, with a buying point of 305.94.
Be sure to follow Scott Lehtonen on Twitter @IBD_SLehtonen More information about growth stocks and the Dow Jones Industrial Average.
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