The stock market was solidly higher in afternoon trading, helped by strength in financial stocks. Money flowed out of bonds again, sending the 10-year Treasury yield higher by 4 basis points to 1.96%. Top gainers in the Dow Jones Industrial Average included Amgen, JPMorgan Chase and American Express.
Amgen stock surged past a 235.90 alternative buy point after reporting earnings and announcing a big share buyback. After powering above its 200-day moving average last month, American Express scored an all-time high. It's breaking out of a four-month consolidation.
The Dow Jones industrials were up 1%, or about 350 points, helped by strength in Leaderboard stock Microsoft and Apple. Microsoft is above its 200-day moving average and holding support near 300, but MSFT's 50-day moving average is a potential resistance level to watch. Apple, meanwhile, continues to hold support at its 50-day line.
Outside The Dow Jones
The S&P 500 lagged the Dow Jones today as top-performing oil and gas stocks like Diamondback Energy, Occidental Petroleum and EOG Resources came under selling pressure.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35426.97 | +335.84 | +0.96 |
| S&P 500 | (0S&P5) | 4515.74 | +31.87 | +0.71 |
| Nasdaq | (0NDQC ) | 14157.55 | +141.88 | +1.01 |
| Russell 2000 | 202.30 | +2.94 | +1.47 | |
| IBD 50 | 38.37 | +0.54 | +1.43 | |
Last Update: 1:14 PM ET 2/8/2022 |
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The S&P 500 was up 0.7%, helped by strength in Amgen stock, which soared 9% on earnings. The stock gapped above its 200-day line and broke out over its Jan. 14 high of 235.80.
Among managed care firms, Centene soared to the top of a cup base, rising 5% after its earnings report. Anthem, up 3%, is also showing bullish price action in the group.
The Nasdaq 100 added 0.9% as beaten-down Chinese stocks like Pinduoduo, NetEase and Baidu outperformed. The Nasdaq composite added 1%.
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Volume on the NYSE was higher compared to the same time Monday. Nasdaq volume was about even.
Inside the MarketSmith Growth 250, Textainer jumped 6% as it vies for a breakout over a 40.92 buy point. Earnings are due Thursday after the close.
Virtu Financial soared out of a long cup base, rising 9%, after the company reported better than expected earnings and sales.
Stifel Financial rallied more than 4% to a new high. It's still clearing a 16-week consolidation with a relative strength line in new high ground. On Feb. 1, Stifel topped a 76.33 buy point.
Deere & Company also moved nicely, up nearly 4%. It's trying to break free from a 23-week consolidation.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
