The Dow Jones struggled to pare its losses amid the current pause in the new stock market rally. But stocks fought to close slightly higher on the stock market today after the rough Monday morning sell-off.
XMeanwhile, gold futures rallied nearly 0.7% as oil prices surged more than 7%, reclaiming the $20-a-barrel level. The Dow Jones industrials closed 0.1% higher while the S&P 500 rose 0.4%. The Nasdaq gained 1.2% in today's stock market.
Volume was lower on both major exchanges vs. the close on Friday, according to early data.
Unsettling tensions arose between the U.S. and China as President Donald Trump claimed that the coronavirus outbreak originated from a lab in Wuhan.
The new stock market rally began on April 2, which marked the first follow-through signal after the coronavirus stock market crash that began near the end of February.
As IBD's official market outlook was changed from "market in correction" to "market uptrend," it's currently an opportune time to be looking for potential stock market leaders.
While some investors may be uncomfortable with the current pause amid the new market rally, it's worth noting that the Nasdaq has now climbed more than 30% from its March 23 low. Such a sharp climb after a sharp crash requires a pause so the market can digest its gains.
The Dow Jones Today
On Monday, 10 of the 30 components lost 1% or more, while 17 of the 30 components closed lower. However, around midday, Microsoft (MSFT) helped lift the Dow Jones index as the major tech stock posted a 2.4% gain.
Microsoft currently remains inside a 5% buy zone from a 175.10 buy point of a double-bottom base.
The post-coronavirus play and current IBD Leaderboard stock shows a very strong RS line rallying to new all-time highs, while its RS Rating remains 93 out of a best-possible 99.
Of the 30 Dow Jones components, Exxon Mobil (XOM) and Chevron (CVX) were also among top performers on the stock market today. Oil stocks were helped by Monday's massive gain in oil prices, fueled by hopes of rising demand.
Meanwhile, Raytheon Technologies (RTX) and Caterpillar (CAT) were among the worst performers weighing on the blue chip index.
Follow Fox on Twitter at @foxonstocks for more market insight and Dow Jones commentary.
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