The Dow Jones Industrial Average rose 0.5% and closed near the day's highs Wednesday.
The S&P 500 rose 0.6% on the stock market today, while the Nasdaq added nearly 0.8%.
Volume on the NYSE and on the Nasdaq was lower than on Tuesday, according to preliminary data.
The small-cap Russell 2000 edged up 0.1%. The Innovator IBD 50 ETF rose 0.3% for its fifth straight day of gains. The ETF has also carved a handle to a cup base that has a buy point of 24.95.
The yield on the benchmark 10-year Treasury note rose 1 basis point to 4.03%.
On Wednesday, the SEC approved bitcoin ETFs that hold bitcoin for regular investors.
On Thursday, December's consumer price index is expected to rise 0.2% on a monthly basis and 3.2% annually, according to Econoday.
Dow Jones Stocks
Top Magnificent Seven stocks were active in the Dow. Microsoft rose 1.9% and is nearing a buy point of 384.30 in a flat base. It has risen slightly over 2% in 2024.
The stock's market cap is getting closer to Apple's. AAPL stock reversed higher but is below its 50-day moving average, which is a sign of technical weakness. The stock has fallen over 3% this month but found support at the 200-day moving average.
Apple will report its December-quarter results on Feb. 1.
Fund manager Cathie Wood's Ark 21 Shares ETF is among six bitcoin ETFs approved for trading by the Cboe on Wednesday. Approval from the SEC is still pending.
Stocks Moving Today
Three other "Mag-7" stocks are on watch as they hold the highest gains so far this year. Nvidia is following through after a strong breakout at 505.48. That has helped it gain over 9% so far in the new year. Nvidia will hold its January-ended quarter earnings call on Feb. 21.
Meta Platforms is the second biggest gainer in the Magnificent Seven and is 4.7% higher so far in the new year.
On the other hand, Amazon.com, which ranks fourth in market cap, has risen a little over 1% in the new year. Without today's 2% gain, Amazon would still be lower for 2024. Tesla is underperforming and has fallen 6%.
Medical products stock Stryker broke out of a consolidation with a buy point of 306.93. But volume was below average.
Earnings Movers
Also outside the Dow Jones, Aehr Systems gapped down after quarterly results. The company slashed its sales forecast for 2024 from $100 million to $80 million at the midpoint of forecasts.
Smart Global Holdings gapped up to its 200-day moving average after November-ended quarter results came out. But the stock pared gains.
Bank earnings loom this week. Citigroup has pulled back and is just below a buy point of 53.23. Wells Fargo is in a buy zone above a buy point of 47.24. Bank of America is just below a three-weeks-tight formation's entry of 34.07.
Super Micro Computer has cleared a handle entry at 327.55 and is in a buy zone.
IBD 50 stock MercadoLibre is nearing a buy point of 1,660 in a flat base. Sales growth has been steady over the past seven quarters while profit growth has exploded. The stock also holds an ideal Composite Rating of 99 while its Accumulation/Distribution Rating of B+ shows strong interest from fund managers in recent weeks.
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