At the beginning of the trading session on Thursday, the Dow Jones Industrial Average rose more than 100 points, the S&P 500 index exceeded 4,000 points for the first time, and the stock market rose.
The Nasdaq Index rose 1.5%, the S&P 500 Index rose 0.9%, and the Dow Jones Industrial Average rose 0.4%. Small stocks tracked by Russell in 2000 rose 0.9%. Compared with the same period on Wednesday, the two major exchanges had higher trading volumes.
Earlier on Thursday, the Labor Department reported that the number of initial jobless claims for the week ending March 27 was 719,000. This is higher than the previous forecast of 675,000 and the revised 658,000.
But as the 10-year U.S. Treasury bond yield fell by 5 basis points to about 1.69%, stocks rose. The Standard & Poor’s 500 Index climbed above 4,000, which is expected to reach new highs.
After the market closed on Wednesday, President Biden announced his $2.25 trillion infrastructure and tax plan, and regarded the plan as a “a once-in-a-lifetime opportunity.” The plan includes substantial funding for bridges, roads, and water conservancy projects, as well as funds for expanding broadband access and domestic chip production.
U.S. stock market overview today
Last update: 11:56 AM EST 4/1/2021
Technology stocks raised the Nasdaq Index to 43.6% in 2020, the best fifth year ever. The Standard & Poor’s 500 Index rose 16.3%, and the Dow rose 7.2%. After a strong start to the year, the market has now rebounded from a brief correction. Read The Big Picture for detailed daily market analysis.
With the nationwide lock-up period exceeding one year, the Covid-19 pandemic has paralyzed the U.S. economy. But many states are relaxing restrictions, and with the introduction of vaccines and cases in some states beginning to level off, there are signs of hope.
According to Worldometer’s data, the cumulative number of Covid-19 cases worldwide is close to 130 million, and the death toll exceeds 2.8 million. In the United States, although the number of new cases in the United States has slowed significantly, the number of cases has exceeded 31 million and the death toll has exceeded 565,000.
Dow Jones index winners and losers
Salesforce.com (CRM), Microsoft (MSFT) and visa (V) Both rose more than 2%, leading the decline of the Dow Jones Index.
According to MarketSmith’s chart analysis, Microsoft is firmly above its 50-day moving average and is about 2% away from the new flat benchmark of 246.23 purchase points.
Among other blue chip champions, American Express (AXP), Nike (OF) and apple (AAPL) each rose by about 1%.but caterpillar (Cat), Boeing (BA) and Johnson (JNJ) fell about 1%.
Johnson & Johnson will temporarily stop shipping its coronavirus vaccine in the United States due to a scuffle in the United States. Emergency Biological Solution (EBS) factory.According to reports, the EBS plant is studying Johnson & Johnson and AstraZeneca (AZN). According to the New York Times, workers mixed the ingredients of the two vaccines and destroyed 15 million doses of Johnson & Johnson.
Johnson & Johnson (J&J) stock fell 0.7% and is testing its 50-day moving average. The stock price is about 6% lower than the fixed base purchase point of 173.75.
Beyond Dow Jones
Among IBD’s 197 industry groups, software, chips and Internet content stocks led the gains. But department stores, steel and bank stocks lag behind.
Micron Technology (MU) jumped out, and its large volume soared by 6%, rebounding from its 10-week line. After Wednesday, the data storage manufacturer reported adjusted earnings per share for the second quarter of 98 cents and sales of $6.24 billion. On average, analysts expect its sales for the quarter to be 95 cents and sales of 6.21 billion US dollars. On Wednesday, MU shares closed above its 50-day antenna.
Tesla (TSLA)’s rapid turnover increased by nearly 4%, and then reduced its revenue to 1.2%. It still expands its pace to three consecutive victories. Biden’s infrastructure plans soared 5% on Wednesday, including proposals to restore and expand electric vehicle credit lines and expand electric vehicle charging infrastructure.
Tesla’s stock price may fall about 24% from its 52-week high, and a new foundation is being formed. It has been below the 10-week average for six consecutive weeks. On February 22, Tesla fell below the 10-week line (key support level). Starting from the 466 point of purchase for cups with handles, it still has good extensibility.
Chinese competitors also rose on Thursday. o (NIO) The increase in heavy industry is more than 2%. The electric car manufacturer announced that it delivered 7,257 vehicles in March, an increase of 373% over the same period last year and an increase of 30% over February. Sales in the first quarter were 20,060, which was below the downward revised target.
Xpeng (XPEV) turnover also increased by 2%. The stock price is close to recovering from the 50-day line, but it is still nearly 50% below its 52-week high. Xpeng’s March delivery volume was 5,102, an increase of 384% compared to the same period last year, and an increase of 130% compared to February. Sales in the first quarter were 13,340.
IBD 50 moving stocks
On IBD 50, Meridian Biological Science (VIVO), Hub (HUBS), Entegris (ENTG) and Wayfair (W) both rose by more than 5%.but Ginelac (GNRC) fell back to a 1% loss after giving up early gains.
Shares of chip gear maker Entegris surged 7% to extend Wednesday’s breakout to a double-bottom base of 110.47 buying point. On Wednesday, the stock rose 2%. Entegris featured in the IBD 50 Stocks to Watch column on Tuesday.
Generac rose 1.5% in early trading and is already expected to rise for the third time in a row. On Wednesday, the stock rose 3% after finding support at the 10-week line. This provides an opportunity to buy or increase the shares of generator manufacturers. Generac may be building a new base.
The innovator IBD 50 ETF (FFTY) rose 1%.
Follow Nancy Gondo on Twitter via @IBD_NGondo
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