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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ The Dow Jones Index rose 500 points because the stock market was higher despite concerns about the virus

The Dow Jones Index rose 500 points because the stock market was higher despite concerns about the virus



The Dow Jones Industrial Average rose by nearly 500 points in midday, although as the number of U.S. coronavirus cases continues to surge, earnings have declined.




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The Dow Jones Industrial Average rose 1.9% today, the S&P 500 index rose 1.2%, and the Nasdaq index reversed its 0.9% increase. Small stocks tracked by Russell in 2000 soared 3.2%. The trading volume of both major exchanges was lower than the same period on Friday.

The recent rebound in technology stocks has caused the high-tech Nasdaq to rise 9% at the close of last Friday. Since the beginning of the year, the S&P 500 has fallen 7% and the Dow has fallen 12%. Small stocks continued to fall behind the Russell 2000 index by 17%.

The S&P 500 index has been in a definite upward trend since April 2, but it has been stagnant due to concerns about the increase in the second Covid-19 wave. (Read “The Big Picture” for a detailed analysis of daily market behavior.)

Covid-19 update

According to data from Worldometer, there are nearly 10.3 million cases of coronaviruses worldwide and more than 505,000 deaths. In the United States, there are currently more than 2.6 million confirmed cases and more than 128,000 deaths.

Overview of the US stock market today

index symbol price Gain/loss Percent change
Dow Jones (0DJIA) 25448.81 +433.26 +1.73
S&P 500 (0S&P5L) 3041.04 +31.99 +1.06
NASDAQ (0NDQC) 9826.79 +69.57 +0.71
Russell 2000 (IWM) 140.93 +4.26 +3.12
IBD 50 (FFTY) 33.61 -0.09 -0.27
Last updated: ET 2020/6/29 12:08 PM

As the US economy reopens, and as the number of cases increases, some states are experiencing record levels of new Covid-19 cases and hospitalization. Texas is one of the hardest hit states, with new cases proliferating and the state said on Thursday that it will stop reopening.

Since then, Texas and Florida have closed bars. California on Sunday ordered seven counties including Los Angeles to close bars to curb the spread of coronavirus.

Boeing lift off

Boeing (BA) After obtaining approval from the Federal Aviation Administration to begin the certification flight of its 737 Max jet, it soared 10% in fast transactions, leading the Dow Jones index. According to reports, the aircraft manufacturer will begin test flights today because it intends to resume service as soon as possible. Boeing’s stock price has fallen about 50% from its 52-week high.

Among other blue chip champions, caterpillar (Cat), Thor Technology (RTX) and Dow (DOW) Each added more than 2%.

But large technology stocks are under tremendous pressure Cisco (CSCO), Intel (INTC) and Microsoft (MSFT) fell less than 1%. But they made up for the loss in midday, and Microsoft’s stock rose 0.5%.

This brings Microsoft’s stock back from the point of purchase of 187.61 with a handle cup. The highest purchase area is 197. The software giant is the IBD leaderboard and IBD long-term leader stock.

apple (AAPL) rose nearly 2%, and rebounded to a record high. The stock price fell 3% from last week’s peak. The iPhone maker’s stock has greatly expanded from the 319.79 additional purchase point for cups with handles. According to MarketSmith’s chart analysis, it also triggered a 20%-25% profit taking rule from the 288.35 cup with handle input.

Among IBD’s 197 industry categories, software, Internet retail and film-related stocks led the decline.

In early trading, FANG shares Facebook (FB), Amazon (AMZN) and Netflix (NFLX) fell by about 1% each. But Facebook was higher in midday, and Amazon and Netflix made up for the loss or rebounded.

Facebook resists growth

After reversing 8% on Friday, Facebook reversed the 1.6% increase. Unilever (UN) joined more and more companies, and they said they would stop advertising on Facebook and Instagram as the resistance to “stop hatred of profits” gradually heats up. All weekend, Pepsi (PEP) followed.

Facebook broke its 50-day moving average for the first time since mid-April on Friday. It triggered a round-trip sell rule after eliminating nearly 14% of the proceeds from the 215.38 point of purchase of cups with handles.

In biotechnology news, Gilead Sciences (GILD) After announcing the pricing of its remdesivir drug for the treatment of Covid-19, it rose more than 2% in above-average transactions. Gilead said that the cost of a typical US commercial insurance patient is US$3,120, and will start charging Covid-19 for treatment in July.

The stock is trying to get back above its 50 antenna as the base of 86.07 buying points is gradually forming. In the afternoon trading, Gilead reduced the gain to 0.7%.

On IBD 50, Paloma Holdings (PLMR), Krog (KR) and Bean Sprouts Farmers Market (SFM) are up more than 4%.

Supermarket chain Kroger’s purchase price for hand-held cups is close to 34.60. The 89 comprehensive score allows investors to quickly assess the key growth characteristics of stocks, thus placing Kroger third among 16 stock supermarket groups. Sprouts ranked first.

However, the innovator IBD 50 ETF (FFTY) fell by 0.2% due to Futu Holdings (FUTU), frame (BOX) and Zoom video (ZM) trade-offs.

Follow Nancy Gondo on Twitter at: @IBD_NGondo

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