Dow Jones Pares Gain As Nasdaq Leads Market Upside; This Automaker Scores Breakout

The Dow Jones Industrial Average traded near breakeven in today’s market after paring earlier gains. Over the past hour, the Dow and S&P 500 sold off from their highs of the day while the Nasdaq surrendered some early gains but still remained higher.


Dow Jones In Stock Market Today

At the close of the day, the Nasdaq composite traded up 0.6%. The S&P 500 held a gain of 0.2% while the Dow Jones industrials was up less than 0.1%. The small-cap Russell 2000 index rallied nearly 2% after paring earlier gains. Volume was running higher on both the NYSE and the Nasdaq vs. the close on Tuesday, according to early data.

Stocks pared early gains across the board on Wednesday, as investors continued to contemplate prospects of higher inflation amid a rapidly recovering economy. The Dow Jones was flat but remains above its 50-day moving average. Meanwhile, Monday’s tech rally helped the Nasdaq regain its 50-day line.

As for growth stocks, the Innovator IBD 50 ETF (FFTY) rose a solid 2.1% Wednesday. The ETF is still below its 50-day line but is approaching this key area of support. Stocks leading the upside included Upstart (UPST) and Lovesac (LOVE), with gains of over 9% and 7%, respectively.

As far as IBD’s 197 industry groups, retailers, solar energy and auto manufacturers led the upside, while medical and mining stocks underperformed.

Stocks In The News

Ford (F) was added to IBD’s Leaderboard list of top growth stocks amid bullish EV news. Shares are in a key buy zone after breaking out from a cup-base buy point of 13.72. The buy range tops out at 14.41.

The automaker announced on Wednesday it plans to spend more on electric vehicles and predicts a sharp drop in costs for EV batteries.

Elsewhere, shares of Logitech (LOGI) traded inside a key buy area. Share broke out from a cup-with-handle buy point of 117.24. According to MarketSmith analysis, this is a third stage base, which means the stock has a lower chance of a successful breakout than from an earlier-stage base. But Logitech maintains a perfect EPS Rating of 99.

Additionally, MarketSmith Growth 250 stock TTEC (TTEC) broke out from a flat base with a 110.05 buy point. Shares faded gains and closed below the key buy area but still held a gain of nearly 7% on Wednesday.

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