The Dow Jones Industrial Average jumped amid a broad rally on jobs data and a strong start to earnings season. Microsoft (MFST) gained as it moved to shut down LinkedIn in China. Boeing (BA) took a dive on more Dreamliner woes, while Taiwan Semiconductor (TSM) earnings helped Nvidia (NVDA) and Advanced Micro Devices (AMD) gain.
XA number of stocks were making bullish moves, including Snowflake (SNOW) and Upstart (UPST). Primerica (PRI), Baker Hughes (BKR) and Clearfield (CLFD) passed buy points.
Stocks were boosted after the Labor Department reported first-time applications for unemployment assistance decreased to 293,000 in the week ended Oct. 9. This was a 10% drop on the prior week. It was also under economists consensus projection for 320,000 claims.
This marked a second straight decline in weekly applications. It was also the lowest tally since March 2020, just as the pandemic got underway.
Nasdaq Leads Amid Broad Gains
The Nasdaq was leading the way with a gain of about 1.6%. Okta (OKTA) stood out, thanks to a gain of more than 4%.
The broader S&P 500 index was not far behind however, rising about 1.5%. APA (APA) was one of the standouts here, rising more than 5%.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34857.24 | +479.43 | +1.39 |
| S&P 500 | (0S&P5) | 4430.21 | +66.41 | +1.52 |
| Nasdaq | (0NDQC ) | 14803.89 | +232.25 | +1.59 |
| Russell 2000 | (IWM) | 225.47 | +2.90 | +1.30 |
| IBD 50 | (FFTY) | 48.46 | +0.59 | +1.23 |
Last Update: 1:30 PM ET 10/14/2021 |
||||
The S&P 500 sectors were all green, with technology and materials leading. Energy was posting the slimmest gains.
Small caps were also doing well, with the Russell 2000 up 1.3%.
Growth stocks were benefiting from the bull charge, too. The Innovator IBD 50 ETF (FFTY) was up 1.2%.
Dow Jones Today: Microsoft Stock Gains On China Move
The Dow Jones Industrial Average was up more than 500 points, gaining about 1.5%.
Microsoft stock was up almost 2% after the company said it will close its LinkedIn site in China amid stricter internet censorship in the communist country.
It will instead launch a new China-specific website named InJobs, later in 2021. It will be a job searching tool stripped of LinkedIn's social media features.
In a blog post, Microsoft said it has faced a "significantly more challenging operating environment and greater compliance requirements in China."
It marks the end of an era, as LinkedIn was the final major American social network operating in the totalitarian state.
But it was Walgreen Boots Alliance (WBA) that was the top performer on the Dow Jones today. It was up more than 7% after EPS of $1.17 came well clear of analyst estimates.
It managed to blast through its 50-day and 200-day moving averages in massive volume.
Boeing Dips On 787 Dreamliner Woes
Boeing stock was the worst performer on the Dow Jones Thursday. It was slapped around 1.5% lower on new Dreamliner production problems.
Reports said certain titanium parts for the 787 are weaker than they should be on jets made over the past three years.
That's just the latest in a series of problems with the Dreamliner planes, which have caused the aerospace giant to be stuck with around $25 billion worth of them in its inventory.
"We have strengthened our focus on quality and constantly encourage all members of our team and supply chain to raise any issues that need attention," a spokesman told the WSJ. "When issues are raised, that is an indication that these efforts are working."
Boeing stock lost ground on its converged 50-day and 200-day lines. Its relative strength line is also falling.
Taiwan Semiconductor Earnings Lift Chip Stocks
TSM aided fellow chip stocks after it posted better-than-expected earnings. EPS rose 17% to $1.08, MarketSmith data shows.
The stock benefited from a jump in global chip demand, with shortages forcing prices higher. While off highs, the stock was up nearly 3%. However, Taiwan Semiconductor stock was turned away at the 50-day moving average.
The results gave a boost to Leaderboard stocks Advanced Micro Devices and Nvidia.
Nvidia stock was up more than 3% and managed to retake the key 50-day line. It is back in its old buy zone from a failed breakout from a cup-with-handle base.
AMD stock, which is forming a new base-on-base pattern, rose nearly 3%.
Seven Stocks In Buy Areas After Decisive Market Rally
Snowflake Stock, Upstart Make Bullish Moves
Software stock Snowflake managed to clear a near-term buy point of 328.16. It currently sits in a buy zone.
SNOW stock has been making a strong run from its spring lows and is bullishly pulling away from its rising 50-day moving average.
Artificial intelligence lending stock Upstart is already extended after passing an entry point of 346.64. On the weekly chart, the stock has the appearance of a high, tight flag. This rare pattern can lead to big gains.
The bullish moves led to both stocks getting added to the prestigious Leaderboard list of leading growth stocks.
These 3 Stocks Pass Buy Points
Primerica is in a buy zone after clearing a consolidation pattern entry of 165.45.
The insurance stock boasts good all-around performance, and its relative strength line is beginning to climb.
Baker Hughes managed to pass a cup base buy point of 26.67, according to MarketSmith analysis. It is worth exercising extra caution in this case, as earnings are just around the corner for the oil equipment maker's stock.
Clearfield is extended after earlier passing an ascending base entry of 53.62. The relative strength line is spiking in this case, and has just hit a new high. This is encouraging.
CLFD stock is in the top 3% of stocks tracked in terms of price performance over the past 12 months.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
YOU MIGHT ALSO LIKE:
Think October Is Jinxed For Stocks? You've Not Seen Anything Yet
MarketSmith: Research, Charts, Data And Coaching All In One Place
These Are The 5 Best Stocks To Buy And Watch Now
The Ultimate Warren Buffett Stock Is Near A Buy Point, But Should You Buy It?
Is Walmart Stock A Buy Right Now? Here's What Charts, Analysis Show
