The Dow Jones Industrial Average rose in today's stock market amid a choppy week of trading. Tech stocks led the major indexes on the upside and held solid gains in early afternoon trading.
XDow Jones In The Stock Market Today
At around noon ET, the Nasdaq traded up nearly 0.6% while the S&P 500 gained 0.4%. The Dow Jones industrials advanced 0.6% and the small-cap Russell 2000 index outperformed, up more than 1.5% on Thursday. Volume was lower on the Nasdaq and on the NYSE vs. the same time on Wednesday.
Stocks were helped Thursday morning by positive economic news. First-time jobless claims dropped to 385,000 in the week ended July 24, from 399,000 the previous week. However, filings for new unemployment benefits remained at nearly double the pre-pandemic average. According to the U.S. Labor Department, continuing claims for regular state programs dropped by 366,000 to 2.9 million.
Health care was an underperformer among S&P sectors and the only decliner on Thursday. Health Care Select Sector SPDR ETF (XLV) fell 0.8%. As for IBD's industry groups in the health care sector, outpatient care, health insurance, medical supplies, drug wholesalers and ethical drugs all fell more than 1% each.
The weakness in health care goes against the trend over the past month, which shows it's been a top performer among other defensive sectors like utilities. Defensive stocks have largely outperformed recently amid threats of the delta variant spreading.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34977.31 | +184.64 | +0.53 |
| S&P 500 | (0S&P5) | 4418.99 | +16.33 | +0.37 |
| Nasdaq | (0NDQC ) | 14878.43 | +97.90 | +0.66 |
| Russell 2000 | (IWM) | 221.58 | +3.47 | +1.59 |
| IBD 50 | (FFTY) | 46.53 | +0.19 | +0.41 |
Last Update: 12:38 PM ET 8/5/2021 |
||||
Stocks outperforming in the Dow Jones on Thursday included Home Depot (HD), which gained more than 0.8%. The blue chip stock broke out of a cup-with-handle base and is in buy range from a 333.55 buy point. The buy zone tops out at 350.22.
Other blue chip climbers included Amgen (AMGN), which rose over 2% after selling off in heavy volume on Wednesday. Shares dropped as much as 6%. The biotech firm reported Q2 earnings and sales earlier this week that beat Wall Street targets but lowered its outlook for the full year.
Amgen is now below its 50-day and 200-day moving averages but continues to build a flat base with a 261.10 buy point. Currently, shares of Amgen are far below the potential buy point.
Growth Stocks In The News
As for growth stocks, the Innovator IBD 50 ETF (FFTY) rose 0.3%, in line with some of the major indexes. The ETF continues to hold above its 50-day line and is up close to 3% for the week. Stocks leading the upside in the index included HubSpot (HUBS) (up 10%) and Lightspeed POS (LSPD) (up 9%).
A handful of growth stocks also scored breakouts on Thursday including Qorvo (QRVO) and Square (SQ).
Qorvo briefly broke out from a 199.05 cup-with-handle buy point. Shares fell back below the 5% buy area shortly after the breakout. The buy zone tops out at 209.
Elsewhere, shares of Square broke out from a consolidation with a 283.29 buy point. The stock remains inside the buy area after rising 6.5% in afternoon trading. Shares have risen roughly 16% so far this week amid a mixed earnings report and on the news that Square is acquiring Afterpay. Afterpay is an emerging company in the "buy now, pay later" installment payment market.
Follow Rachel Fox on Twitter at @foxonstocks for more Dow Jones and market commentary.
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