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Dow Jones Hits New High, Nasdaq Leads Market On Strong Economic Data; These Growth Stocks Trade In Buy Zones

The Dow Jones Industrial Average traded higher in today’s stock market and hit a new all-time high as the major indexes continued trading near their highs of the day. The Nasdaq led the market on the upside amid stronger-than-expected economic data.




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Stock Market Today

At the close, the small-cap Russell 2000 index gained 0.4% and was a market underperformer. The Nasdaq composite rose 1.3%. The S&P 500 traded around 1.1% higher while the Dow Jones posted an increase of nearly 0.9%. Volume was running higher on the Nasdaq and lower on the NYSE, compared with the close on Wednesday, according to early data.

Stocks were higher across the board Thursday as the Dow Jones hit a new high of 34,068.73.

A slew of positive economic data boosted the major indexes. The Commerce Department’s March retail sales showed the best monthly rise in retail sales since May 2020. Both stimulus checks and easing social distancing standards helped boost retail sales by 9.8%.

Meanwhile, new weekly jobless claims fell to a pandemic-era low of 576,000 in the week ended April 10 vs. the expected number of 700,000. This was also a 22% drop from the prior week’s 744,000 claims.

Manufacturing surveys from the Philadelphia and New York Federal Reserve banks also came in much stronger than expected.

Stocks Trading In Buy Zones

MarketSmith Growth 250 stock Freeport-McMoRan (FCX) broke out from a double-bottom base with a 37.71 buy point. The stock closed inside the 5% buy zone, which tops out at 39.59. The copper, gold and silver mining company gained momentum after finding support at the 50-day line. Shares gained over 4% on Thursday.

Elsewhere, MarketSmith Growth 250 stock Artisan Partners Asset Management (APAM) broke out from a consolidation with a 55.35 correct buy point. Shares rose nearly 5% and closed inside the 5% buy zone, which tops out at 58.11. The financial stock is up 29% year to date.

As for the Innovator IBD 50 ETF (FFTY), shares of the growth stock ETF rose 0.4% after finally reclaiming support at the 50-day moving average on Wednesday. Stocks leading the upside in the growth-focused ETFs were IPO stock Plby Group (PLBY) and Novocure (NVCR) with gains of over 11% and 5%, respectively.

Shares of Novocure recently gapped up into a key 5% buy zone of a 194.85 entry point in its consolidation pattern. The stock traded inside the buy area on Thursday.

Dow Jones Today

The Dow Jones traded higher as a handful of blue chips held gains of over 1%. Stocks leading on the upside were health care firms UnitedHealth Group (UNH) and Amgen (AMGN).

UnitedHealth gained over 3% after crushing Wall Street estimates. Earnings jumped 42.7% to $5.31 a share as revenue climbed 9% to $70.2 billion. Shares rallied out of the buy zone after breaking out above a 368.05 flat-base buy point in late March.

Elsewhere in the Dow, Apple (AAPL) was also among top performers, rising 1.6%. The stock is 7% below a 145.19 buy point in a potential cup pattern, according to MarketSmith analysis. Last week, the tech giant retook the key 10-week moving average, a bullish indicator.

Blue chips leading the downside included Walgreens Boots Alliance (WBA) and Chevron (CVX). Walgreens, down 1.4%, is testing buying support at its 21-day exponential moving average.

Follow Fox on Twitter at @foxonstocks for more Dow Jones and market commentary.

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