The stock market extended gains Monday morning as indexes tried for a fourth-straight gain, and the S&P 500 made a new high.
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Market indexes today traded at session highs around 10 a.m. ET.
The Nasdaq added 0.8% while the S&P 500 rose 0.7% to a record high. The Dow Jones Industrial Average climbed 0.4%.
Dow stocks were quiet. Home Depot (HD) rose 0.7% and is finding support at the 50-day moving average. That leaves the stock in a buy zone. Apple (AAPL) rose 0.6% and continues to rise from a test of its 21-day exponential moving average.
Volume was lower on the NYSE and Nasdaq compared with the same time on Thursday. (The market closed Friday for the Christmas holiday.)
Small caps lagged, with the Russell 2000 down 0.4%.
Stock Market Sees Positive Action
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 36078.86 | +128.30 | +0.36 |
| S&P 500 | (0S&P5) | 4757.55 | +31.76 | +0.67 |
| Nasdaq | (0NDQC ) | 15776.43 | +123.06 | +0.79 |
| Russell 2000 | (IWM) | 221.76 | -0.28 | -0.13 |
| IBD 50 | (FFTY) | 45.49 | +0.53 | +1.18 |
| Last Update: 10:16 AM ET 12/27/2021 | ||||
The stock market reversed higher last week, with a three-day win streak that left the S&P 500 at a new closing high. The Nasdaq and S&P 500 are both above their 50-day lines, and the Nasdaq climbed above a trend line traced above its highs from the November peak.
While all those are positive signals, the stock market faces a new Covid-19 swarm due to the highly contagious omicron variant.
Even though the hospitalization rate is considerably smaller for omicron patients, the sheer number of cases is straining health care resources and causing labor gaps at countless businesses. The average daily number of Covid-19 cases reached 184,802 as of Saturday, according to a Wall Street Journal analysis.
Several airlines canceled a combined total of more than 2,000 flights over the weekend, putting a crimp on the busy holiday travel season. Airline stocks fell Monday.
American Airlines (AAL) was off 2.6%. United Airlines (UAL) descended 2%. Southwest (LUV) fell 1.9% and Delta Air Lines (DAL) lost 2%. U.S. Global Jets ETF (JETS), which tracks the airline industry, was off 1.2%, on track to end a three-day win streak.
ArcBest Tops Buy Point
ArcBest (ARCB) broke out of a base on base formation in heavy volume. The stock is in buy range from the 116.89 buy point amid heavy trading.
Thinly traded Indetiv (INVE) broke out of a cup base with a 25.35 buy point. The provider of secure access to digital content saw volume swell.
Innovator IBD 50 ETF (FFTY) rose 0.7%, though it could still end the year below the 200-day moving average.
Harmony Biosciences (HRMY) rose past the 44.49 buy point of a cup base but reversed back into the base. Keep an eye on the stock because volume is heavy today, and the relative strength line is at a new high.
Advanced Micro Devices (AMD) continues to climb from support at the 10-week moving average. It is in buy range to about 154.
Juan Carlos Arancibia is the Markets Editor of IBD and oversees our market coverage. Follow him at @IBD_jarancibia
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