Fresh data signaling a cooler economy resulted in the Dow Jones Industrial Average surging closely to day’s high at nearly 320 points, increasing by 0.9% in late afternoon trading. According to Econoday, X consumer sentiment for November was 60.4, below the consensus forecast of 63.5. This news relieved investor fears after Fed Chair Jerome Powell’s cautious words on Thursday. The question of policy restrictions weighed on stocks late Thursday, causing both the Dow and the S&P 500 to test their 50-day moving averages. They are now rebounding. In today’s market, the S&P 500 climbed 1.4% and the Nasdaq led at 2%. Stepping after a distribution day, both indexes showed signs of recovery. Volume was lower on the NYSE and Nasdaq compared to the same time on Thursday. Advancers outnumbered decliners, with a more significant lead on the NYSE. The Russell 2000 added 1.2%, and the Innovator IBD 50 ETF (FFTY) outperformed, gaining 1.5%. The benchmark 10-year Treasury note’s yield remained 4.61%. Dow Jones stocks Intel (INTC), Microsoft (MSFT), Boeing (BA), and Apple (AAPL) gained, while Disney (DIS), Merck (MRK), and Nike (NKE) lagged. Copart (CPRT) broke out, but volume was not impressive. Payments company Affirm (AFRM) dived and triggered a sell signal. The relative strength line was also at a new high for Affirm. Trade Desk (TTD) edged past Q3 views but had a weak outlook. Unity Software (U) reported a strong sales increase but with a double-loss. Plug Power (PLUG), fell sharply on third-quarter results, with a 5% growth in sales but continued losses. Other notable mentions include chip stocks and third-quarter sales for all companies. If you would like to follow VRamakrishnan on X/Twitter for more news on the stock market today, please click below. Additionally, you may want to check out our top growth stocks to buy and watch, our advice on timing the market and the best long-term investments, and use MarketSmith for all your research, charts, data, and coaching in one place!
Latest Economic Data Propels Dow Jones Up by 300 Points; Cathie Wood’s Chip Pick Surges | Investor’s Business Daily
