The Dow Jones Industrial Average jumped 150 points briefly on Thursday when President-elect Joe Biden was due to announce his stimulus plan. Hot IPO stocks Airbnb and DoorDash hit new buy points, while Tesla wanted to extend a winning streak in midday trading.
Dow Jones Today: Biden Stimulus Plan
On Thursday, the Dow Jones Industrial Average was up 0.4% while the S&P 500 was up 0.2%. The tech-heavy Nasdaq composite gained 0.6% in midday trading.
President-elect Biden is expected to release details of his massive economic stimulus plan on Thursday evening. This will likely include topping up recent payments of $ 600 to individuals, as well as expanding increased unemployment insurance and more aid to state and local governments.
The Biden stimulus plan could reach $ 2 trillion, according to CNN.
Overview of today’s US stock market
|index||symbol||price||Gain loss||% Change|
|S&P 500||(0S & P5)||3821.86||+12.02||+0.32|
Last update: 10:34 ET 14.01.2021
Under Exchange Traded Funds, Innovator IBD 50 (FFTY) traded 2.2% higher on Thursday. The Nasdaq 100 affiliated Invesco QQQ Trust ETF (QQQ) rose by 0.2%. The SPDR S&P now has 500 ETF (SPY) rose by 0.2%.
According to the Worldometer data trackerThe cumulative number of confirmed coronavirus cases in the U.S. was over 23.6 million on Thursday. The total number of virus-related deaths rose to over 393,000.
The cumulative total of confirmed global Covid-19 cases since the outbreak began was over 92.9 million as of Thursday, with more than 1.98 million virus-related deaths.
Stock market rally
Looking back on the current upward trend, November was an important month for the stock market. IBDs The big picture The new uptrend became apparent after the market’s bullish follow-through day on November 4th. In the second week of January 2021, the most important stock indices are just behind the record highs.
The big picture on Wednesday Commenting on sector rotation in US equities, he said, “US equities experienced some sector rotation on Wednesday. Cycles such as industrial, materials, transportation and energy were the worst performers. These sectors had posted some of the best gains since the start of the year Utilities and real estate – some defensive sectors that had underperformed – led the market on Wednesday. “
Investors should continue to leverage the strength of the stock market to buy breakouts. Be patient and wait for strong breakouts instead of looking for expanded inventory. If the new breakouts work, add more exposure. But when outbreaks start to fail, you can back off.
In particular, focus on stocks with strong relative strength. Find her with the relative strength line. The RS line measures a stock’s performance against the S&P 500. When the stock outperforms the broader market, the RS line slopes upward. When a stock outperforms the broader market, the line shows lower.
Stocks to Watch: IBD Long Term Guide
Stocks to watch are IBD long-term guideCompanies with stable profit growth and stable price development. Veeva Systems (VEEV) is the last addition to the listas it regains its 10 week line. The stocks are nearing an early entry at 292.90 while the conventional buy point remains at 314.09.
Dow Jones stocks watch: UnitedHealth
The Dow Jones stock UnitedHealth gained 0.5% as the company announced a new virtual utility service.
According to data from UnitedHealth, UnitedHealth stock is approaching a buy point of 368.05 on a flat basis IBD MarketSmith Chart analysis.
Stocks in or near buy zones: Chipotle, Match, Traktor
IBD ranking Member Chipotle Mexican Grill regained his 1,366.76 double buy point last week when it bounced off its 50-day line. Shares rose 3% on Thursday, exiting the 5% buy zone, which rose to 1,435.10.
According to IBD Stock Checkup, Chipotle warehouse shows a mild 82 from a perfect 99 IBD composite rating. Composite Rating – a simple way to identify top growth stocks – is a mix of key fundamental and technical metrics that investors can use to gauge a stock’s strengths.
Per Leaderboard Comment: “The new base is the second tier which increases the chances of good progress from here. After a breakout one would like to see the relative strength increase in new highlands, but the line is not quite yet finished.” take it to new heights. “
Wednesdays IBD share of the dayThe Match Group was trading just below a buy point of 159.63 on Thursday, rising 1.3%.
Bullishly, the stock’s RS line is nearing new highs, a sign of strong stock market outperformance. The relative strength measures the price development of a share in comparison to the broad market.
Tractor supply was marked as IBD 50 shares seen on Tuesday choose.
IPO stocks to watch: Airbnb, DoorDash
Hot IPO stocks Airbnb and DoorDash broke out on Wednesday for new buy points.
Airbnb cleared a buy point of 175.07 on an IPO basis but closed under the entry Wednesday. Shares hit the buy point Thursday morning, rising 6%.
DoorDash closed in the 5% buy zone on Wednesday above a 195.60 entry on an IPO basis. The 5% buy zone rises to 205.38. The shares rose 6.7% on Thursday morning.
Tesla Stock In Climax Top?
IBD ranking Tesla shares wanted to extend a two-day winning streak with a gain of 0.6% on Thursday morning. After the nearly 8% dive on Monday, stocks are roughly 4% below their all-time high.
IBD share of the day on Friday signaled that Tesla has shown several signs of a climax in a strongly vertical run over the past few weeks.
On Friday, Tesla shares hit a record high of 884.49. Shares were up 88% from a buy point of 466 in a mug with a handle.
Dow Jones Leaders: Apple, Microsoft
For the past few weeks, Apple stock has moved above aggressive entries at 125.49 and 122.09, respectively.
Software giant Microsoft was down 0.1% on Thursday as it trades below its 50-day mark. The shares continue to pursue a new base with a buy point of 228.22.
Follow Scott Lehtonen on Twitter at @IBD_SLehtonen Learn more about growth stocks and the Dow Jones Industrial Average.
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