The Dow Jones Industrial Average rose in today’s stock market while the S&P 500 led the upside. The Nasdaq also traded higher after paring earlier losses.
Stock Market Today
The Nasdaq composite gained 0.4% as it snapped a five-day streak of declines. The Dow Jones rose 0.6% and the S&P 500 advanced 0.7%. At around 1:40 p.m. ET, the Russell 2000 index rebounded 0.8%. Data showed higher volume on the NYSE and lower on the Nasdaq vs. the same time on Tuesday.
The major indexes traded lower early Wednesday, but rebounded. Bullish economic news was released early Wednesday and helped boost the indexes. The N.Y. Fed’s Empire Index, a measure of manufacturing in the area, was reportedly 34.3 for September, above the 18 consensus estimate from FactSet. This also was an acceleration from August.
U.S. Stock Market Today Overview
Last Update: 1:36 PM ET 9/15/2021
Tuesday’s The Big Picture column commented, “IBD slices and dices the stock market into 197 industry groups. A few of these groups have shrunk to just a modicum of stocks and deserve less attention. But on Tuesday, selling was clearly pronounced in oil and gas exploration, telecom services and infrastructure, chemicals, banking and steel shares. At least three dozen industry groups centered around these areas slid 2% or more.”
Growth stocks continued to rebound on Wednesday. The Innovator IBD 50 ETF (FFTY) gained over 1%, extending gains from the prior day. The ETF is once again approaching a 50.06 buy point after gaining support at the 21-day exponential moving average.
Shares of recent IPO stock TaskUs rebounded from the 21-day exponential moving average. Shares broke out from their most recent consolidation on Aug. 11 and remain nearly 80% extended from the buy point of 35.73. The stock IPO’d on June 11 at $23 a share.
Elsewhere, eBay (EBAY) rose 4.3% as it rebounded off its 50-day line. Volume was nearly two times the normal volume. A rebound off the 10-week line in heavy volume offers investors the chance to buy or add shares up to around the 78 level.
Oil Stocks Charge Higher
On Wednesday, crude oil rose with West Texas intermediate futures gaining nearly 3%. The price reached above $72.50 a barrel. Meanwhile, the Energy Select Sector SPDR Fund (XLE) rose nearly 3% as well.
Magnolia is trading above a 16.48 cup-based entry as its relative strength line is approaching a fresh high. Meanwhile, Cimarex regained a cup-base buy point of 76.49 on Wednesday. Shares have been powering sharply higher since the end of August. The buy zone tops out at 80.31.
Dow Jones Today
Meanwhile, Nike (NKE) led on the downside with a drop of roughly 0.8%. Shares are shaping a flat base with a 174.48 buy point but are now 10% below this proper entry. The stock also recently dropped below its key 50-day and 200-day lines in August, a bearish sign.
Nike plans to release its first-quarter fiscal 2022 results on Sept. 23. According to IBD data, the athletic shoe and apparel giant is expected to show year-over-year earnings growth of 18% to $1.12 per share. Sales are also seen rising 18%, to $12.46 billion.
Follow Rachel Fox on Twitter at @foxonstocks for more Dow Jones and market commentary.
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