The Dow Jones Industrial Average traded near session highs on Monday as the major indexes rose after last week’s modest pullback. The pause came after a series of powerful up days established the new market uptrend in the middle of March.
At the close, the Dow Jones industrials were up 0.3% as the Nasdaq gained 1.9%, powerfully leading on the upside. The S&P 500 advanced 0.8% while the Russell 2000 rose 0.2%. Early data showed volume was running lower on the Nasdaq and on the NYSE vs. the close on Friday.
Technology stocks including Apple (AAPL), Intel (INTC) and Salesforce.com (CRM) led in the Dow Jones on Monday.
Dow Jones Today
The indexes have rallied considerably from their lows in early March, when the new uptrend began. Last week, indexes pulled back to digest the powerful gains. It seems, however, on Monday that stocks were back to trending higher. Meanwhile, the yield on the benchmark 10-year Treasury note rose three basis points to 2.4%. Oil rose sharply, with West Texas Intermediate crude jumping 4% to more than $103 per barrel.
U.S. Stock Market Today Overview
|Last Update: 4:04 PM ET 4/4/2022|
The S&P 500 sectors traded mixed. On the upside, communication services, consumer discretionary and technology stocks rose around 2% each, or more.
Utilities and health care — both defensive categories — led the downside with modest losses of less than 1% each.
Meanwhile, growth stocks were getting stronger and closed higher on Monday. The Innovator IBD 50 ETF (FFTY), a benchmark for growth stocks, rose 0.5%.
Growth Stocks Show Renewed Strength
Enphase Energy (ENPH) and Tesla (TSLA) both shot up more than 5%.
The release of new delivery data over the weekend ultimately helped boost the stock. Tesla said it delivered a record 310,000 vehicles globally in the first three months of the year, up about 68% from the same period a year ago. While Wall Street expected deliveries of around 309,000, some analysts predicted 317,000 in the first quarter.
Shares of Tesla remain 5% away from a 1208.10 buy point of a cup base. Volume was just about average for today’s trading session.
Several chip stocks in the IBD 50 also showed renewed strength, including SiTime (SITM) and Nvidia (NVDA), both up more than 2.4% on Monday. Both stocks pulled back last week alongside the market.
Elsewhere, chip design software firm Synopsys (SNPS) is building a new cup base with an ideal entry point of 377.70, according to MarketSmith. A handle could also form soon, which would offer a lower entry.
The stock boasts top-notch all-around performance, including a superior EPS Rating of 93 out of 99. Analysts see steady earnings growth of 16% in both 2022 and 2023.
Follow Rachel Fox on Twitter at @IBD_RFox for more Dow Jones and stock market commentary.
YOU MIGHT ALSO LIKE:
IBD’s Market Outlook: A Guide To The Different Designations
Get Free IBD Newsletters: Market Prep | Tech Report | How To Invest
What Is CAN SLIM? If You Want To Find Winning Stocks, Better Know It
See IBD Stock Lists & Get Pass/Fail Ratings For All Your Stocks With IBD Digital
The post Dow Jones Closes Higher As Nasdaq Leads; Growth Stocks Make A Comeback; Tesla Stock Nears Buy Point appeared first on Investor’s Business Daily.