The Dow Jones Industrial Average rose over 100 points in today's stock market, while the major indexes all traded higher off their lows of the day. The S&P 500 and Nasdaq composite both reversed higher as well.
About an hour before the market close, the small-cap Russell 2000 was up 1.6%. The Nasdaq composite rose 0.1%. The S&P 500 gained 0.4%, while the Dow Jones industrials also traded 0.4% higher. Volume was mixed, trading lower on the Nasdaq and higher on the NYSE compared with the same time on Wednesday.
On Thursday, the market remained in a defensive pattern, as utilities, consumer staples and real estate stock led the upside. Meanwhile, technology stocks continued to underperform.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 32568.36 | +148.30 | +0.46 |
| S&P 500 | (0S&P5) | 3906.14 | +17.00 | +0.44 |
| Nasdaq | (0NDQC ) | 12976.36 | +14.47 | +0.11 |
| Russell 2000 | 215.52 | +3.48 | +1.64 | |
| IBD 50 | 42.77 | +0.27 | +0.64 | |
Last Update: 3:16 PM ET 3/25/2021 |
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First-time jobless claims fell to 684,000 the week ended March 20, the lowest level in a year. This serves as a positive sign that the economy is indeed recovering from the coronavirus pandemic. Economists expected a smaller drop to 730,000.
U.S. crude oil prices gave back more than 4% of the prior day's gains and traded near $58.50 a barrel, after spiking 6% Wednesday. Energy Select Sector SPDR traded 0.5% lower. But the ETF is still rebounding from near the 10-week line.
As for growth stocks, the Innovator IBD 50 ETF declined 0.2% after falling 5% Wednesday. The ETF is now down more than 9% for the week and is trading near the 200-day line.
The growth-focused index traded below the 50-day line after reclaiming this key area last week. Stocks leading the downside on Thursday were Chinese firm Vipshop Holdings and Repligen with losses of more than 4% each.
But several IBD 50 stocks bucked the decline, including the China-based 360 DigiTech and Ligand Pharmaceuticals.
360 DigiTech is currently holding support at the 50-day line as shares recently came in to test support at this key level. The firm maintains excellent IBD Ratings with a 98 Composite Rating and RS Rating of 94.
Dow Jones Today
As for the Dow Jones, American Express, Boeing and Travelers led with gains of over 1.5% each. On the downside, shares of tech giants Microsoft and Salesforce.com were down 1.5% or more. Nike also led on the downside with a loss of more than 4%.
Leaderboard stock Microsoft lost 1.5% as it traded slightly below the 50-day line. Microsoft is also an IBD Long-Term Leader stock. Shares climbed back above a 232.96 buy point earlier this week, which puts the software giant in potential buy range that tops out at 244.61. But on Thursday, the stock slipped back below this key entry.
However, the stock is also near a 246.23 buy point of a new flat base, according to MarketSmith chart analysis. Microsoft stock is about 6% away from the entry.
Intel stock gained less than 0.1% on Thursday as shares bucked earlier declines. The chip stock traded back below the 5% buy zone of a double-bottom base with a 65.21 buy point on Wednesday. Shares broke out into a buy zone Monday but have since reversed lower. Intel initially jumped the day prior after the company announced a $20 billion investment to build out its in-house chip manufacturing operations to catch up with competitors.
Intel's relative strength line, which has been climbing in recent months, still remains off its highs. Additionally, the RS Rating of 50 remains well below the minimum 80 we like to see for growth stocks breaking out.
