Home / Business / Dow Jones rallies 400 points as the stock market gets higher despite fears of the virus

Dow Jones rallies 400 points as the stock market gets higher despite fears of the virus



The Dow Jones Industrial Average plunged nearly 400 points higher at noon, despite previously split gains as coronavirus cases continue to rise in the U.S.




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Dow Jones industrialists grew 1.5%, the S&P 500 rose 0.9% and the Nasdaq returned to a 0.7% rise in the stock market today. Small caps followed by Russell 2000 rose 2.8%. The volume was lower on both major exchanges than at the same time on Friday.

A recent pick-up in tech stocks led the heavy Nasdaq to a 9% rise from the beginning of the year to Friday’s close, while the S&P 500 fell 7% and the Dow 12%. Small caps continue to lag behind with Russell 2000 down 17%.

While the stock market has been in an upward trend confirmed since the April 2 follow-up day for the S&P 500, it has had hiccups as fears of a second rise in the Covid-19 wave. (Read the big picture for a detailed analysis on the daily market action.)

Covid-19 update

Coronavirus cases worldwide are approaching 10.3 million, with over 505,000 deaths, according to Worldometer. In the United States, confirmed cases have now increased to 2.6 million, with a death toll of more than 128,000.

Overview of the US stock market today

Index Symbol Price Profit / Loss % Change
Dow Jones (0DJIA) 25448.81 433.26 1.73
S & P500 (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: 12:08 ET ET 06/29/2020

As the U.S. economy reopens, several states are experiencing record levels of new Covid-19 cases and hospitalizations as the number of cases increases. Texas, one of the hardest hit states with new spikes in cases, said on Thursday it would stop its reopening.

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

Boeing rises

Boeing (BA) climbed 6% in the fast trade to drive the Dow Jones index, after receiving authorization from the Federal Aviation Administration on Sunday to begin certification flights for its Max 737 jet. The manufacturer reportedly Jet will start trial flights today as it aims to return to service soon. Boeing shares remain over 50% off the 52 week high.

Among other blue chip winners, caterpillar (CAT), Raytheon Technologies (RTX) e Dow Inc. (DOW) added more than 2% each.

But the big cap technicians were under pressure Cisco (CSCO) Intel (INTC) e Microsoft (MSFT) in less than 1% each. But they eliminated their losses at noon, with Microsoft reversing a 0.5% gain.

This brought Microsoft shares out of the buying range from a 187.61 point of purchase of a mug with a handle. The buying zone peaks at 197. The software giant is an IBD ranking and long-term IBD stocks.

Apple (AAPL) rose nearly 2% as it returns to historic highs. The shares have a 3% discount on last week’s peak. The iPhone maker’s stock is well extended by an additional purchase point of 319.79 of a mug with handle. He also activated the 20% -25% gain rule from a 288.35 voice with a handle, according to the analysis of the MarketSmith chart.

Software, Internet retailing and film-related titles brought the flip side of IBD’s 197 industrial groups.

At the beginning of the exchanges, the FANG stocks Facebook (FB) Amazon (AMZN) e Netflix (NFLX) has waived around 1% each. But Facebook hit a higher noon, while Amazon and Netflix reduced their losses to less than 0.5% each.

Facebook’s boycott is growing

Facebook reported a 0.3% gain after plummeting 8% on Friday as Unilever (UN) have joined an increasing number of companies who claim that they will stop advertising on Facebook and Instagram as the “Stop Hate for Profit” boycott takes hold. During the weekend, PepsiCo (PEP) reportedly followed suit.

Facebook broke its 50-day moving average for the first time since mid-April on Friday. It triggered the round-trip sales rule after canceling a gain of nearly 14% from the point of purchase 215.38 of a mug with a handle.

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

The stock is looking to return above its 50-day line as a base with a purchase point of 86.07 continues to take shape.

Beyond the IBD 50, Palomar Holdings (PLMR) Kroger (KR) e Sprout farmers market (SFM) have increased by over 4% each.

The supermarket chain Kroger is approaching a point of purchase of 34.60 for a cup with a handle. An 89 Composite Rating, which offers investors a quick way to evaluate the main growth characteristics of a security, places Kroger in third place in the group of supermarkets with 16 stocks; Sprouts takes first place.

But the ETF Innovator IBD 50 (FFTY) fell 0.2% as it did Futu Holdings (FUTU) Box (BOX) e Video zoom (ZM) weighted.

Follow Nancy Gondo on Twitter at @IBD_NGondo

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