The Dow Jones Industrial Average and the S&P 500 closed at record highs in a bullish session for the stock market Thursday. Among the winners was Nvidia, which cleared a trendline entry on the stock market today.
The Dow jumped 522 points for a gain of 1.3%, making a new closing high. The benchmark S&P 500 climbed 1.7% and also made a record high. The Nasdaq composite led the major indexes with a 2.5% surge and closed above the 18,000 level for the first time since July 22.
The small-cap Russell 2000 added 2.1%. The Innovator IBD 50 ETF rose 2.2%.
Volume on both the New York Stock Exchange and the Nasdaq rose, according to preliminary numbers. Advancers outnumbered decliners on both main exchanges by a roughly 3-to-1 ratio.
More stocks broke out Thursday. In building products, Modine Manufacturing broke out of a cup with handle's buy point of 121.66. Volume was about 45% above average and the relative strength line is at new highs — two bullish signs for the breakout.
The yield on the benchmark 10-year Treasury note rose five basis points to 3.74%.
1:48 p.m. ET
Tesla Climbs 6%
Tesla soared over 6% in the stock market today. Automakers are among the consumer industries expected to benefit from lower borrowing costs. Shares are also in a consolidation with a buy point at 271. Tesla's robotaxi event is scheduled for Oct. 10.
Taiwan Semiconductor broke out of a cup-with-handle base with a buy point of 175.45. But volume was slightly below average in afternoon trading.
12:09 p.m. ET
Nvidia Clears Trendline Entry
Nvidia surged over 4% in afternoon action. The move pushed the artificial intelligence leader past its 50-day moving average — a level that it has been trying to reach for a week. The stock also rose past a trendline entry around 118.
Among stocks in the IBD MarketSurge Growth 250, Arista Networks rose past a buy point of 376.50. Oscar Health also broke out from a 23.44 buy point in a cup base.
Further, Spotify broke out of a consolidation with a buy point of 359.38 in the stock market today.
11.06 a.m. ET
Jobless Claims Fall
In other economic news, initial unemployment claims for the week ended Sept. 14 fell to 219,000 vs. estimates for 230,000, according to Econoday. Claims numbered 230,000 for last week, figures show.
Also, existing home sales for August came in at 3.86 million, missing estimates for 3.9 million.
Stock Market Today: Dow Jones Players Climb
Tech stocks lifted the Dow Jones index. Apple jumped nearly 4% shortly after the open. The tech giant cleared its 50-day moving average within a consolidation with a buy point at 237.23, according to IBD MarketSurge.
Microsoft also made some progress toward a buy point of 468.35 in a cup base. Shares were up nearly 2% in the stock market today.
Finally, Salesforce climbed over 5% as its company's Dreamforce conference wraps up.
Retail and health care players on the Dow lagged while financial stocks fared well.
Slew Of New Buys From Strong Rally. Pay Attention To This Big Shift.
Homebuilders Jump On Fed News
Homebuilders got a boost from the Fed's big rate cut on Wednesday. Pulte Homes made further progress toward a profit zone from a buy point of 122.72. The stock is on the IBD Leaderboard.
Toll Brothers also rose on the stock market today. And IBD 50 stock Dream Finders Homes was unchanged in a cup base that has a buy point of 44.38 in the stock market today.
Another homebuilder, Lennar plans to report third-quarter earnings at the market close. Shares continued to climb Thursday and are well extended.
Stock Market Today: Olive Garden Parent Up On Earnings
Earnings pushed Darden Restaurants 8% higher, and through a buy zone from a 160.64 buy point. The parent of Olive Garden restaurants missed first quarter estimates but maintained its full year outlook. It also announced a new partnership with Uber.
FedEx rose in a flat base with a buy point of 313.84 ahead of its first quarter results, due after the market close.
General Mills reported a decline in sales and earnings late Wednesday but affirmed its full year outlook. Shares fell 0.3% on the stock market today.
Magnificent Seven stock Alphabet added to Wednesday's gains in the stock market today. The search giant scored a win in a $1.7 billion case concerning online ads in the European Union.
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