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Investors Business Daily

Dow Jones Rises After Strong GDP, Fed Beige Book Next; GM Surges On Buyback, Dividend Hike

The Dow Jones Industrial Average rose Wednesday after a stronger-than-expected third-quarter GDP reading, while the Federal Reserve's Beige Book is up next. Meanwhile, General Motors raced higher after the company unveiled an accelerated share buyback program and a dividend increase.

The Commerce Department's second estimate of third-quarter GDP increased to 5.2%, stronger than expected and up from the 4.9% growth in the quarter's first estimate.

Further, the Fed's Beige Book is due out at 2 p.m. ET. This book is released about two weeks before the Fed's next monetary policy meeting. The book is a compilation of the 12 Fed banks' anecdotal evidence on economic conditions.

General Motors surged more than 10% Wednesday morning after the company reinstated its 2023 earnings guidance, outlined plans for a $10 billion accelerated share buyback and boosted its dividend by 33% to 12 cents per share.

Key earnings movers Wednesday include CrowdStrike and Dollar Tree, along with Foot LockerIntuit, NetApp, Splunk and Workday.

CrowdStrike shares rallied more than 4% in early trade, while DLTR stock rose 1%. FL stock surged 15%, as Intuit shares moved up around 3%. NTAP stock jumped 11%, while Splunk was barely higher. Finally, Workday soared more than 8% in morning trading, breaking out past a 252.72 buy point.

Dow Jones Today: Oil Prices, Treasury Yields

As the market kicks off the final two days of a very strong November, the Dow Jones Industrial Average rose 0.1%, while the S&P 500 gained 0.3%. The tech-heavy Nasdaq composite moved up 0.3% in morning action.

Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust moved up 0.6%, while the SPDR S&P 500 ETF rose 0.4% early Wednesday.

The yield on the 10-year U.S. Treasury bond ticked lower to 4.29% Wednesday morning. On Tuesday, the benchmark settled at 4.33%, its lowest level since mid-September.

Oil prices extended Tuesday's gains, rebounding from their near recent lows. West Texas Intermediate futures rose nearly 2% Wednesday morning to trade back near $78 a barrel. WTI hit a low below $73 in mid-November. In September, it traded above $93.

IBD's latest newsletter MarketDiem gives you actionable ideas for stocks, options and crypto right in your inbox

Stock Market Rally

On Tuesday, the Dow Jones Industrial Average moved up 0.2%, while the S&P 500 inched up 0.1% The tech-heavy Nasdaq composite rose 0.3%.

Tuesday's Big Picture column commented, "Distribution days have been virtually nonexistent during the stock market rally, providing a nice tail wind for the stock market. And top growth stocks continue to act well."

Now is an important time to read IBD's The Big Picture column amid the continuing stock market rally. Be sure to read how to invest during the ongoing stock market uptrend.

Learn How To Time The Stock Market With IBD's ETF Market Strategy

Stock Market Today: Best Stocks To Watch

Advanced Micro Devices and IBD Leaderboard stock Amazon, along with IBD SwingTrader stock Shopify and Roku — as well as Dow Jones stocks Salesforce, UnitedHealth and Visa — are among the best stocks to watch in the current market rally.

AMD and Visa featured in this Stocks Near A Buy Zone column. AMD was a recent IBD Stock Of The Day.

Get Real-time Buy And Sell Alerts On Stock Market Leaders With IBD Leaderboard

Dow Jones Stocks To Watch

Software leader Salesforce is approaching a 228.79 buy point in a double-bottom base, according to IBD MarketSmith chart analysis. CRM stock is about 3% away from the latest buy point. Meanwhile, an early buy trigger lies ahead at 226.10. Shares were up nearly 2% early Wednesday.

Health care giant UnitedHealth is trying to break out past a handle entry at 546.78. But shares fell further below that level with a 0.6% drop Tuesday. UNH stock was down almost 2% Wednesday.

Payments leader Visa is in buy range above a 250.06 buy point in a cup base. V stock gained 0.3% early Wednesday.

4 Top Growth Stocks To Watch In The Stock Market Rally

Stocks To Buy And Watch: Roku Breaks Out

IBD Leaderboard stock Amazon remains above its cup base's 145.86 buy point amid Tuesday's 0.5% fall. Shares remain sharply above an early entry at 134.48. AMZN rose 0.5% Wednesday morning.

Chip leader AMD is trying to break out past a 122.11 buy point in a cup with handle, according to IBD MarketSmith pattern recognition, but fell 0.5% Tuesday. Shares were up 1.7% Wednesday.

IBD SwingTrader stock Shopify jumped out of buy range past a double bottom's 67.60 buy point this week. The buy zone topped out at 70.98, so shares are extended. SHOP stock gained 1.7% early Wednesday.

Roku surged past a 98.44 buy point, rallying 8.5% Monday. And shares raced out of buy range Tuesday. ROKU stock tacked on another 0.5% Wednesday.

Best Stocks In Today's Stock Market Action

These are four best stocks to watch in today's stock market, including a Dow Jones leader.

Company Name Symbol Correct Buy Point Type Of Buy Point
Amazon 145.86 Cup base
UnitedHealth 546.78 Handle entry
Toll Brothers 82.39 Cup with handle
Advanced Micro Devices 122.11 Cup with handle
Source: IBD Data As Of Nov. 27, 2023

Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live

Magnificent Seven Stocks: Nvidia, Tesla

Among the so-called "Magnificent Seven" stocks, Tesla moved up 1.3% early Wednesday, while Nvidia rose 1%.

Graphics-chip giant Nvidia gave up Monday's gains, with a 0.9% fall Tuesday. Shares are just above a double-bottom base's 476.09 entry.

Tesla stock moved up 4.5% Tuesday, as shares look to decisively top strong resistance around their 50-day line. The stock's big double-bottom pattern has a 278.98 buy point. Tesla's Cybertruck delivery event will be held late Thursday.

Dow Jones Leaders: Apple, Microsoft

Two Dow Jones stocks in the Magnificent Seven, Apple and Microsoft, traded mixed after today's stock market open.

Apple rose 0.3% Tuesday, still near its highest level since early August. Shares are above an early entry at 182.34, as they continue to trace a consolidation that has a 198.23 buy point. The latest pause could be the start of a handle. Apple shares moved up 0.4% Wednesday.

Microsoft stock moved up 1.1% Tuesday, notching an all-time high at 383. The stock is at the top of its buy range above a cup base's 366.78 buy point. In recent weeks, shares rose above an early buy trigger at 346.20. And MSFT stock was down 0.9% Wednesday morning.

Be sure to follow Scott Lehtonen on X, formerly known as Twitter, at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.

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