The Nasdaq composite led the way in afternoon trading Tuesday, up 1.1%, helped by strong performances from beaten-down stocks like Illumina (ILMN), MercadoLibre (MELI), JD.com (JD) and Peloton (PTON).
X
The Dow Jones Industrial Average lagged with a 0.3% gain, hurt by a big drop for IBM (IBM). IBM was off lows but still lost 2.4% after an UBS downgrade to sell.
Technology stocks outperformed in the Dow Jones today, including Salesforce.com (CRM), which was up 2%. But even with Tuesday’s gain, the stock is still more than 20% off highs, stuck below its 10-week and 40-week moving averages. Apple (AAPL) also did well in the Dow Jones industrials, up 1.2%. The FAANG stock continues to hold comfortably above its 10-week line.
Boeing Leads Dow Jones
Boeing (BA) was the best gainer in the Dow Jones, up 3%, but BA stock needs to get back above its 200-day moving average, currently around 225, to truly break out of its downtrend.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 36183.98 | +115.11 | +0.32 |
| S&P 500 | (0S&P5) | 4698.64 | +28.35 | +0.61 |
| Nasdaq | (0NDQC ) | 15101.92 | +159.09 | +1.06 |
| Russell 2000 | (IWM) | 217.11 | +1.79 | +0.83 |
| IBD 50 | (FFTY) | 42.07 | +0.36 | +0.86 |
| Last Update: 2:38 PM ET 1/11/2022 | ||||
News of a new CFO helped Intel (INTC). It added 1% on news David Zinsner is leaving his role as CFO at Micron (MU) for the same post at Intel.
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Federal Reserve Chairman Jerome Powell wrapped up testimony in front of a Senate committee as part of his re-confirmation hearing. The Fed has indicated it is ready to fight inflation aggressively with several interest rate hikes this year. It’s also ready to start shrinking its bloated balance sheet by selling its massive bond holdings. That process could start soon after the first rate hike.
Outside the Dow Jones
Oil and gas stocks outperformed, helped by rising oil prices. Benchmark U.S. crude oil futures settled at $81.22 a barrel, up 3.8%. Among oil and gas producers, Whiting Petroleum (WLL) soared 9% to an all-time high. It’s extended past the 5% buy zone from a 71.71 entry, and the chart has a bullish relative strength line.
The S&P 500 added 0.7%, with many of the best percentage gainers coming from the oil patch. Apa (APA) soared 9% to 32.08%, but it’s too extended to buy now after a breakout last week over a 28.73 entry. Occidental Petroleum (OXY) and Hess (HES), tracked in the same industry group as Apa, also jumped as both stocks form the right sides of cup bases.
Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live
Marathon Oil (MRO) gained 5% and is past the 5% buy zone after a breakout over a 17.69 entry last week.
Growth Stocks On The Move
Inside the MarketSmith Growth 250, chip equipment firm Veeco Instruments (VECO) reclaimed a 28.09 buy point with conviction after finding support at its 50-day line Monday. Shares jumped 10% to 30.41.
Suncor Energy (SU) soared 4% to an all-time high. It’s still in the 5% buy zone from a buy point of 27.07.
Inside the IBD 50, ZIM Integrated Shipping Services (ZIM) shot to an all-time high and was up nearly 4%. It’s near the top of the 5% buy zone from a 58.41 alternate entry.
Also in the IBD 50, Marvell Technology (MRVL) jumped 4% after making a stand at its 50-day line Monday.
Peloton rose more than 6%. MercadoLibre surged more than 10%; JD.com climbed 10%. Illumina rallied 15% after it gave a bullish forecast. All four stocks are well off prior highs.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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The post Boeing, Salesforce Lead Dow Jones Rally; Nasdaq 100 Jumps 1% As EV Maker Lucid, Illumina, Peloton Soar appeared first on Investor’s Business Daily.
