The Dow Jones Industrial Average erased earlier losses completely and moved higher while the major indexes all traded near session highs. Similar to yesterday's action, the indexes climbed out of the red and continued this week's bullish action.
Market conditions continue to improve after Wednesday's follow-through day on the S&P 500. The new market uptrend, as highlighted in Wednesday's Big Picture, means it's currently a good time to buy stocks and increase exposure.
A little over half the S&P 500 sectors were green. Technology and consumer discretionary stocks led on the upside while defensive sectors like consumer staples and utilities were the laggards. Energy stocks were boosted by a rise in U.S. crude futures, up over 1% to around $103 per barrel. The commodity traded over 9% higher on Thursday but it's also fallen off recent highs of over $130 a barrel.
After the Federal Reserve announced on Wednesday the first in a new series of interest-rate hikes, Treasury bond yields continued lower this week. The 10-year U.S. Treasury yield ticked down to 2.15% by early afternoon. The benchmark bond's yield closed on Wednesday at 2.18%, its highest point since July 2019, according to Cboe data.
Dow Jones In The Stock Market Today
In mid-afternoon trading, the Dow Jones industrials held a gain of 0.2%, and an increase of around 4.8% for the week. The Nasdaq gained 1.5% after a powerful gain as well this week. The S&P 500 advanced 0.6%, and the Russell 2000 traded 0.7% higher. Data showed volume is running higher on the Nasdaq and on the NYSE vs. the same time on Thursday.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34554.85 | +74.09 | +0.21 |
| S&P 500 | (0S&P5) | 4440.20 | +28.53 | +0.65 |
| Nasdaq | (0NDQC ) | 13817.60 | +202.82 | +1.49 |
| Russell 2000 | 206.56 | +1.45 | +0.71 | |
| IBD 50 | 38.56 | +0.20 | +0.52 | |
Last Update: 1:38 PM ET 3/18/2022 |
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Higher volume on an up day like today is a bullish sign and indicates that institutions are moving back into the market.
After retaking its 21-day line on Wednesday, the Nasdaq remains very close to retaking the 50-day line, a key area to watch as the index advances. The S&P 500 and Dow Jones industrials traded right at this key line of resistance. A move above this area today would further signal market strength.
Dow Jones stocks outperforming on Friday included Salesforce.com, as tech stocks led the index. The stock reclaimed its 50-day line but still remain well off highs. Credit card stock American Express gained over 2% and retook the 189.13 buy point after a recent failed breakout. Nike also outperformed, rallying over 2% ahead of next week's earnings report. The stock is up over 6% this week and is trying to break above resistance at its 21-day line.
On the downside, Johnson & Johnson and Walgreens lagged with losses of around 1.5% each.
Semiconductor Stocks On The Rise
The Innovator IBD 50 ETF rose 0.5% and seems to have barely reclaimed support at the 50-day line. The growth-focused index remains a great place to look for new breakouts and potential stock ideas. Mining stock MP Materials led the upside with a gain of over 7%. MP Materials posted big gains after testing support at the 50-day line. Shares are trading within 1% of a 47.40 cup-with-handle base in below-average volume.
Elsewhere, semiconductor stocks are gaining as supply-chain issues continue to inflate the prices of chips. IBD 50 stock and chipmaker Nvidia rose nearly 6% and shares powered higher above the 50-day moving average for the first time since December.
Nvidia also holds a half-size position in IBD Leaderboard.
Equipment maker Axcelis Technologies jumped another 5.5% Friday, bringing its gains since Tuesday to over 10%. The stock is now extended from its buy range, off a buy point of 75.10 from a cup-with-handle formation.
Rambus also moved past its buy range, extending well past its buy point of 28.32 from a cup-with-handle base. Shares rose over 3% on Friday in very strong volume.
Rambus recently joined Leaderboard as a half-size stake, or equivalent to a 5% position within the model portfolio of growth stocks.
Additionally, Monolithic Power Systems, fellow IBD 50 stock, gained over 3% as well and reclaimed its 200-day line.
Follow Rachel Fox on Twitter at @IBD_RFox for more Dow Jones and stock market commentary.
