Major stock indexes held strong gains in afternoon trading Wednesday. Nike and Walt Disney outperformed in the Dow Jones Industrial Average, while Nvidia, Lam Research and Palo Alto Networks scored solid gains in the Nasdaq 100. Walt Disney reports earnings after the close today.
The Dow Jones industrials showed key technical action by rising above its 50-day moving average and last week's high. The blue-chip index was up 0.7%, helped by strength in technology stocks like Intel, Cisco Systems, Salesforce.com and Microsoft.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35713.47 | +250.69 | +0.71 |
| S&P 500 | (0S&P5) | 4576.93 | +55.39 | +1.23 |
| Nasdaq | (0NDQC ) | 14434.91 | +240.45 | +1.69 |
| Russell 2000 | 205.76 | +3.00 | +1.48 | |
| IBD 50 | 39.18 | +0.79 | +2.06 | |
Last Update: 1:24 PM ET 2/9/2022 |
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Microsoft was off session highs, but still rose more than 1%. A Bloomberg report said MSFT is in talks to acquire security software firm Mandiant.
Outside The Dow Jones
The S&P 500 was up 1.2%, but it's still below the 50-day line, a potential resistance level to watch.
The Nasdaq composite led the way, up 1.7%, but it's still below its 200-day line.
Volume was running higher on the Nasdaq and NYSE compared to the same time Tuesday, more so on the Nasdaq.
Meanwhile, the benchmark 10-year Treasury bond yield eased 2 basis points to around 1.93%. WTI crude oil futures edged higher to $89.50 a barrel.
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The Russell 2000 was up 1.5% after the small-cap index confirmed a new uptrend Tuesday, rising 1.6% in higher volume. The Russell 2000's follow-through day occurred on the eighth day of its rally attempt. The Nasdaq composite and S&P 500 confirmed new uptrends on Jan. 31 with big percentage gains in higher volume.
Enphase Energy, Chipotle Mexican Grill and Paycom Software were top gainers in the S&P 500, helped by strong earnings reports. But CVS lagged in the S&P 500, down more than 5% in steep turnover. The health care company reported solid earnings, but its full-year earnings outlook disappointed.
Growth Stocks On The Move
Inside the MarketSmith Growth 250, Atkore surged past a 116.05 buy point, rising more than 8% to 118. The stock's relative strength line is in new high ground. Atkore is the newest member of Leaderboard. It also got prominent air play in Wednesday's IBD Live show.
FMC Corp. soared past a 114.61 buy point, rising nearly 6% to 117.50, after the company reported a 52% jump in quarterly profit. Revenue increased 23% to $1.41 billion. FMC makes crop protection chemicals.
After a bullish move above its 50-day moving average Tuesday, helped by strong earnings, Alpha & Omega Semiconductor extended gains, rising 8%. Watch for a new base to form.
Inside the IBD 50, Houlihan Lokey and Blackstone added more than 4%. Houlihan Lokey extended gains after a strong earnings report Tuesday. Blackstone looked poised to end a four-session slide. A double-bottom base shows a 136.56 buy point.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
