The major stock market indexes are all up and are trading slightly lower than the highs of the morning, with all three major indexes relatively flat over the last hour.
The Nasdaq composite is up 2.3% while the S&P 500 is up 2.3%. The Dow Jones Industrial Average is up 2.1% and the Russell 2000 is the leader, up 2.7%. The Nasdaq composite broke above the 21-day exponential moving average and the Dow is just below the 21-day line on the MarketSmith charts.
NYSE volume is down 1.6% and Nasdaq volume is down 0.9% compared with the same time on Thursday.
The Nasdaq is on pace for a 6.4% gain for the week, while the S&P 500 is up 5.7%. The Dow’s weekly gain is now 4.8%. The Russell 2000 is up 5.6% for the week so far.
Big Stock Market Movers
U.S. Stock Market Today Overview
|Last Update: 1:22 PM ET 6/24/2022|
AutoZone (AZO) is up 1.8% today and up 7.8% for the week. The stock is breaking out of a cup-with-handle base with a buy point of 2,130.60, although volume is light. The company shows some good fundamentals including a 94 Composite Rating and a 93 Earnings Per Share Rating.
Funko (FNKO), a collectibles company, is up 3.4% following a huge gain of 12.7% yesterday. The stock is up 21.9% for the week. Funko is popping after JPMorgan upgraded the stock to overweight and raised its price target to 28 from 25. Funko’s stock broke out of a long cup base.
Drug Companies Coming Back
Health care stocks again are acting well.
Merck (MRK), a leading pharmaceutical company, is up 0.8% on news that it is working on a deal to acquire biotech company Seagen (SGEN). Seagen is up 1.8% today. Merck’s stock is in a 5% buy zone, after sinking below the 89.58 buy point. The company has a best-possible 99 Composite Rating and a 93 EPS Rating.
Johnson & Johnson (JNJ) is up 1.1% and breaking out of a double-bottom base, hitting the buy point of 181.84. Volume is light, however. It is 2.8% off its 52-week high. The stock is up after getting a positive Phase 3 study on its leukemia treatment.
Johnson & Johnson has a Composite Rating of 94. The company is in the diversified medical industry group, ranked 23 out of 197 industries Investor’s Business Daily tracks.
Invesco QQQ Trust ETF (QQQ) is up 2.5% and broke above the 21-day exponential moving average.
Bitcoin is up 1.3% today to $21,180, and breaking out of the $20,000 range it has been trading in all week.
The Innovator IBD 50 ETF (FFTY), a gauge of growth stocks, is up 2.6%.
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The post Dow Up Over 650 Points; Health Care, Biotechs The Winners This Week appeared first on Investor’s Business Daily.