In a wild session, the Dow Jones Industrial Average swung to a 500-point gain Friday afternoon, after falling as much as 157 points. The Nasdaq, meantime, erased a 2.6% loss to turn positive.
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The Dow Jones industrials rallied 1.7%, the S&P 500 rose 1.9% and the Nasdaq advanced 1.5% in the stock market today. Small caps tracked by the Russell 2000 added 1% higher after sinking 2% earlier. Volume swelled on both major exchanges vs. the same time Thursday.
In a back and forth session, the indexes opened higher amid a bullish jobs report. But they sold off hard as the 10-year Treasury yield spiked above 1.6%, then rebounded into positive territory in afternoon trade.
Stocks sold off hard Thursday after Fed chief Jerome Powell didn't give the market what it wanted. He said the central bank remains highly accommodative and didn't hint at a new "twist" in policy. That sent the 10-year Treasury yield up to 1.55%.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 31464.87 | +540.73 | +1.75 |
| S&P 500 | (0S&P5) | 3838.60 | +70.13 | +1.86 |
| Nasdaq | (0NDQC ) | 12914.50 | +191.03 | +1.50 |
| Russell 2000 | (IWM) | 216.57 | +3.38 | +1.59 |
| IBD 50 | (FFTY) | 43.41 | +0.35 | +0.81 |
Last Update: 3:08 PM ET 3/5/2021 |
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The 10-year bond yield spiked above 1.6% early Friday after a much better than expected jobs report. It was trading around 1.56% midday.
The U.S. economy added 379,000 jobs last month, sharply higher than Econoday's forecast for a 175,000 gain, as the hospitality sector began to recover. January payrolls were revised up to 166,000 from 49,000. The unemployment rate edged lower to 6.2% from 6.3% in January.
Market In Correction, For Now
For the week, the Nasdaq is looking at a 2.5% loss. The S&P 500 is on track for a 0.4% increase, while the Dow is on pace for a 1.5% weekly gain.
Tech stocks boosted the Nasdaq to a 43.6% gain in 2020 for its fifth best year ever. The S&P 500 rose 16.3% and the Dow added 7.2% last year. After a strong start this year, the market is now in correction. Read The Big Picture for detailed daily market analysis.
The Covid-19 pandemic continues to roil the U.S. economy, as nationwide lockdowns approach the one-year mark. But there are signs of hope as vaccinations roll out and cases start to plateau in some states.
Cumulative Covid-19 cases worldwide have now topped 116 million with nearly 2.6 million deaths, according to Worldometer. In the U.S., cases surpassed 29.5 million with more than 533,000 deaths, although the number of new cases in the U.S. has slowed dramatically in recent weeks.
Dow Winners And Losers
Cisco (CSCO) and Chevron (CVX), up more than 3% each, were among the biggest blue chip gainers.
Cisco rallied 4.5% in heavy trade to retake its 50-day moving average. JPMorgan raised its rating on the networking giant to overweight from neutral, citing an expected recovery in enterprise tech spending. Cisco stock, about 6% off its 52-week high, may be shaping a new base.
Chevron rose nearly 4% in rising volume, on pace to extend its win streak to five. Shares surged more than 4% Thursday, after OPEC and its key partners said they will extend current output cuts. Chevron stock is well extended from a 95.92 buy point of a flat base, according to MarketSmith chart analysis. Light, sweet crude prices were up more than 3% to $65.88 a barrel midday Friday.
Among other Dow Jones winners, Intel (INTC), Procter & Gamble (PG) and UnitedHealth Group (UNH) advanced more than 2% each. Tech giants Microsoft (MSFT) and IBM (IBM) added 2% apiece.
The biggest loser was Boeing (BA), down 2% in twice normal trade. The jet maker's stock briefly cleared a 229.71 buy point of a cup with handle earlier this week. It's now about 5% below the entry.
Outside The Dow
Solar, automaker and software stocks led the downside among IBD's 197 industry groups. Utilities, banks and food stocks advanced as sector rotation is well underway.
In the automaker group, Tesla (TSLA) trimmed its loss to about 5%, after crashing as much as 13% earlier. It had reversed sharply lower after opening higher Friday morning.
Tesla stock is on track for a fourth straight decline. Last week, it broke down below its 10-week line. A global chip shortage is slowing down auto production, impacting Tesla and other carmakers.
China electric vehicle rival Nio (NIO) was still down over 8% in fast turnover, as it climbs back from an even steeper loss. Shares have taken a hit since the EV maker reported Q4 earnings late Monday.
The Innovator IBD 50 ETF (FFTY) shaved its loss to 1.2% from nearly 6% early in the session. Digital Turbine (APPS), 360 DigiTech (QFIN) and Innovative Industrial Properties (IIPR) were among the biggest losers. But Taiwan Semiconductor (TSM), Polaris (PII) and D.R. Horton (DHI) outperformed.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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