The Dow Jones Industrial Average advanced modestly in today's stock market, while the S&P 500 and Nasdaq continued to hit new highs. The major indexes added to this week's gains after the inauguration of President Biden took place on Wednesday.
XOn Thursday, 46th U.S. President Biden announced 10 executive orders targeting the coronavirus pandemic. The orders include using the Defense Production Act to spur U.S. companies to produce more N95 masks, swabs and other equipment.
New Covid-19 cases continue to surge. The total number of confirmed coronavirus cases in the U.S. topped 25 million on Thursday, according to the Worldometer data tracker. Meanwhile, total virus-related deaths rose past 415,000.
Over the past hour of trading, the indexes continued to move up from the day's lows. The small-cap Russell 2000 was the only index to show a slight decline of 0.5%. The S&P 500 rose 0.2% after reaching a new high of 3,861.45. The Nasdaq composite gained 0.6% after hitting a high of 13,545.55, while the Dow advanced 0.1%.
Volume was mixed, lower on the NYSE and higher on the Nasdaq compared with the same time on Wednesday.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 31217.25 | +28.87 | +0.09 |
| S&P 500 | (0S&P5) | 3858.02 | +6.17 | +0.16 |
| Nasdaq | (0NDQC ) | 13543.39 | +86.14 | +0.64 |
| Russell 2000 | (IWM) | 213.26 | -1.13 | -0.53 |
| IBD 50 | (FFTY) | 46.13 | +0.47 | +1.03 |
Last Update: 3:16 PM ET 1/21/2021 |
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Additionally, around 900,000 workers filed for unemployment benefits last week, according to new data. This was down slightly from the previous week's 926,000 and also in line with expectations, according to Econoday data.
The Innovator IBD 50 ETF (FFTY) showed a solid gain of over 1% on Thursday, outpacing the major indexes. The growth-focused ETF was boosted by stocks like Futu Holdings (FUTU) and Logitech (LOGI), which gained 5% and 8.8%, respectively. The index has risen nearly 4.5% so far this week.
Dow Jones Today
Among the Dow Jones leaders, tech giants continued to dominate. Apple (AAPL) and Intel (INTC) led the way with gains of 3.3% and 2.5%, respectively. Apple is currently an IBD Leaderboard stock.
Apple stock continued to rally above its 10-week line while forming a handle with a buy point of 138.89, according to MarketSmith. Shares of the iPhone maker already rose above prior aggressive entries at 125.49 and 122.09 in recent weeks. It maintains a decent IBD Composite Rating of 78. The tech giant is continuing to show strong gains ahead of next week's earnings, due Wednesday after the close.
Elsewhere, Intel continued powering higher ahead of earnings, which are due after the close. The chipmaker was up around 2.5% in afternoon trading. Shares have vaulted higher in recent weeks as the stock forms a new cup base with a buy point at 65.21.
Analysts expect Intel to report a 28% decline in EPS to $1.10 a share, while revenue declines 13% year over year, according to IBD Data.
Stocks Breaking Out
Two leading growth stocks from the MarketSmith Growth 250 list broke out on Thursday.
At Home Group (HOME) gained 10% and rose above the buy zone after breaking out of a consolidation base. The base maintains a buy point at 23.03.
The home decor retailer has a perfect Composite Rating of 99 and a healthy RS Rating at 98, indicating very strong recent price performance. That puts it in the top 2% of stocks for market performance over the past 12 months.
Elsewhere, Installed Building Products (IBP) broke out of a cup base. However, shares fell back below the ideal buy point at 121.77. The insulation services stock has a strong IBD Composite Rating of 98. Earnings are a key component to the stock's strength, with the EPS Rating currently at 97.
Follow Rachel Fox on Twitter at @foxonstocks for more market insight and Dow Jones commentary.
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