The Dow Jones Industrial Average rallied more than 150 points early Monday, as Virgin Galactic rocketed 21% on a successful spaceflight test. Apple and Tesla stock looked to rebound from Friday’s sharp losses.
Microsoft and Roblox are IBD Leaderboard stocks.
Dow Jones Today
The Dow Jones Industrial Average rose 0.5% early Monday, while the S&P 500 moved up 0.8%. The tech-heavy Nasdaq composite climbed 1.1% in morning trade.
Stock Market Rally At Key Levels
The Dow Jones Industrial Average and S&P 500 continue to rebound from their 50-day support levels, on pace to extend win streaks to three sessions Monday. Meanwhile, the tech-heavy Nasdaq will again try to regain its 50-day moving average after reversing lower Friday.
Monday’s Big Picture column commented, “The Nasdaq fell nearly 0.5% on Friday. But volume fell, even as monthly and weekly options expired. This indicated a lack of heavy institutional selling pressure. Plus, the tech-fortified composite scraped up a 0.3% weekly gain. In recent weeks, the 8.5% drop from a February all-time high of 14,211 has helped serve to remove some speculative froth.”
For more stock market commentary, check out IBD’s The Big Picture.
Dow Jones Stocks: Goldman, JPMorgan
Dow Jones financial leader JPMorgan is in the 5% buy area above a 161.79 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares rallied 0.1% Monday morning.
Goldman Sachs is in the 5% buy range past a 356.95 buy point that goes up to 374.80. Shares were up 0.35% Monday morning.
Virgin Galactic Soars
Virgin Galactic soared as much as 21% before paring gains to 16% after successfully landing a powered test flight of its SpaceShipTwo space plane on Saturday.
Shares remain about 60% off their 52-week high and are still below their long-term 200-day moving average.
Stocks To Buy And Watch: Nvidia, Roblox
Nvidia bullishly reclaimed its 50-day line last week and is building the right side of a new base. The stock rallied 2.7% Monday morning, on pace to extend a win streak to four sessions.
According to IBD Stock Checkup, Nvidia stock shows an 86 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.
IBD Leaderboard stock Roblox is trying to reclaim a 83.51 buy point in a short consolidation. Shares jumped 4% in morning trade.
Per Leaderboard commentary, “After failing to break decisively from its IPO base, the stock went into a new consolidation period. It is now spiking in heavy volume as it breaks to new ground.”
Tesla stock reversed from early losses to rally 1% Monday, on pace to rebound from Friday’s 1% fall. The EV giant is fighting to retake its long-term 200-day moving average after hitting recent lows on Wednesday. Shares are about 35% off their 52-week high.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple moved up 1.1% Monday, looking to rebound from Friday’s 1.5% decline. Shares are still attempting to retake their 50-day moving average, which would be bullish for the stock’s prospects.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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