The Dow Jones Industrial Average surged as stocks rallied Thursday. Twitter popped after Tesla CEO Elon Musk took another step toward buying the firm. World Wrestling Entertainment pinned down a bullish move. Boeing was also a highflier.
Meanwhile, a number of stocks moved past buy points amid the upward swing. Energy plays Western Midstream Partners and Northern Oil & Gas staged breakouts while Northrop Grumman and Albemarle passed early entries.
Volume was mixed, rising on the Nasdaq but dipping on the New York Stock Exchange compared to the same time Wednesday. Investors prefer stronger volume on an up day.
Meanwhile, the yield on the benchmark 10-year Treasury note slid 1 basis point to 2.74%. West Texas Intermediate crude rose more than 3% to around $114 per barrel.
Nasdaq Jumps As Small Caps Surge
The Nasdaq charged back, closing up 2.7%. China stock Baidu was among the best performers as it rocketed 14.1% higher.
The S&P 500 was also faring well, rising 2%. DXC Technology was a big winner here as it popped 16%.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 32638.44 | +518.16 | +1.61 |
| S&P 500 | (0S&P5) | 4057.94 | +79.21 | +1.99 |
| Nasdaq | (0NDQC ) | 11740.65 | +305.91 | +2.68 |
| Russell 2000 | 182.61 | +3.88 | +2.17 | |
| IBD 50 | 31.93 | +0.81 | +2.60 | |
Last Update: 4:08 PM ET 5/26/2022 |
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The S&P sectors were nearly all positive. The beaten down consumer discretionary and technology areas fared best. Real estate was the only negative sector.
Small caps were also shining, with the Russell 2000 jumping 2.2%.
Growth stocks also muscled higher. The Innovator IBD 50 ETF, a bellwether for growth stocks, gained 2.6%.
Dow Jones Today: Boeing Stock Takes Off
The Dow Jones Industrial Average jumped more than 500 points, or 1.6%.
Boeing stock was the top performer on the Dow Jones today, closing up 4.7%. This allowed it to move back above the 10-day moving average, according to MarketSmith analysis.
Nevertheless, the aerospace giant has been badly damaged, falling more than 38% so far this year.
Other strong performers included Nike, which gained 4.3%, and American Express, which finished with a 3% gain.
Twitter Stock Pops After Elon Musk Makes Move
Tesla CEO Elon Musk continues to have a massive effect on the fortunes of Twitter stock.
The social media play ended the session at highs with a 6.6% gain after the businessman raised his commitment in his takeover bid to $33.5 billion. He is also offering to drop a margin loan.
Wall Street believes this increases the chances Musk will follow through on his bid and complete the deal.
The eccentric executive had previously said the TWTR deal is "on hold" due to his worries over the number of bots and fake accounts on the website.
However, the Twitter board has insisted the deal should go ahead. Musk previously agreed to buy the social network for $44 billion, or $54.20 a share.
Tesla stock was also surging higher amid the broad rally. It rose 7.4% but remains rooted far below its major moving averages.
Retail Boosts Stock Market Amid Macy's Guidance
Retail stocks were among the best performers Thursday, boosting the stock market as a whole.
Department store Macy's was a key catalyst, jumping 19.3%. The firm hiked its profit guidance and posted quarterly results that bested Wall Street expectations. It also reaffirmed its sales outlook for 2022.
CEO Jeff Gennette said consumers are increasingly heading back into stores. Shoppers were moving away from active and casual wear toward clothing for special occasions.
Dollar Tree jumped 21.9% on a sales and earnings beat. It also raised full-year guidance. This saw the stock vault past its 50-day line from near the 200-day moving average.
Dollar General surged 13.7% after it also topped analysts' estimates while raising sales growth targets. It managed to soar back above its 200-day line.
It was welcome good news for retail investors. Weak outlooks from the likes of Target and Walmart slapped retail stocks lower last week.
Costco earnings are due after the close. A good report could help these stocks recover further.
Outside Dow Jones: WWE Stock Pumps Up Again
WWE stock pinned down a move above a 63.81 entry as it squeezed out a gain of 3.5%.
Its climb toward the top of its buy zone saw exposure to the stock increase on the prestigious IBD Leaderboard list of leading stocks.
World Wrestling Entertainment is one of the most impressive stocks so far in 2022, rising nearly 33%.
Oil and gas transportation play Western Midstream is just below a buy zone after breaking out of a consolidation pattern earlier in the session. The ideal buy point was 27.39.
The relative strength line has just hit fresh heights, MarketSmith analysis shows. In addition the stock is now pulling away from its 50-day moving average in strong volume.
WES stock currently sits at the summit of the highflying oil and gas transportation and pipeline industry group.
Northern Oil stock is currently actionable after it broke out of a consolidation. The ideal entry here is 30.54.
It has been making solid progress since finding support at the 50-day line. The RS line is also looking bullish here. NOG stock is up more than 44% so far this year. Earnings are seen powering higher by 80% in 2022.
These New Leaders Pass Early Entries, But Note This
A couple of stocks also passed early entries, though such moves carry extra risks given current market conditions.
Northrop Grumman cleared a trendline within its handle, while Albemarle passed an early entry near 248.
Both stocks gained spots on the Leaderboard list due to their bullish moves.
Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.
