The stock market was solidly higher in afternoon trading, helped by strength in financial stocks. Money flowed out of bonds again, sending the 10-year Treasury yield higher by 4 basis points to 1.96%. Top gainers in the Dow Jones Industrial Average included Amgen (AMGN), JPMorgan Chase (JPM) and American Express (AXP).
XAmgen stock surged past a 235.90 alternative buy point after reporting earnings and announcing a big share buyback. After powering above its 200-day moving average last month, American Express scored an all-time high. It's breaking out of a four-month consolidation.
The Dow Jones industrials were up 1%, or about 350 points, helped by strength in Leaderboard stock Microsoft (MSFT) and Apple (AAPL). Microsoft is above its 200-day moving average and holding support near 300, but MSFT's 50-day moving average is a potential resistance level to watch. Apple, meanwhile, continues to hold support at its 50-day line.
Outside The Dow Jones
The S&P 500 lagged the Dow Jones today as top-performing oil and gas stocks like Diamondback Energy (FANG), Occidental Petroleum (OXY) and EOG Resources (EOG) came under selling pressure.
U.S. Stock Market Today Overview |
||||
|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 35426.97 | +335.84 | +0.96 |
| S&P 500 | (0S&P5) | 4515.74 | +31.87 | +0.71 |
| Nasdaq | (0NDQC ) | 14157.55 | +141.88 | +1.01 |
| Russell 2000 | (IWM) | 202.30 | +2.94 | +1.47 |
| IBD 50 | (FFTY) | 38.37 | +0.54 | +1.43 |
Last Update: 1:14 PM ET 2/8/2022 |
||||
The S&P 500 was up 0.7%, helped by strength in Amgen stock, which soared 9% on earnings. The stock gapped above its 200-day line and broke out over its Jan. 14 high of 235.80.
Among managed care firms, Centene (CNC) soared to the top of a cup base, rising 5% after its earnings report. Anthem (ANTM), up 3%, is also showing bullish price action in the group.
The Nasdaq 100 added 0.9% as beaten-down Chinese stocks like Pinduoduo (PDD), NetEase (NTES) and Baidu (BIDU) outperformed. The Nasdaq composite added 1%.
Get Timely Buy And Sell Alerts With IBD Leaderboard
Volume on the NYSE was higher compared to the same time Monday. Nasdaq volume was about even.
Inside the MarketSmith Growth 250, Textainer (TGH) jumped 6% as it vies for a breakout over a 40.92 buy point. Earnings are due Thursday after the close.
Virtu Financial (VIRT) soared out of a long cup base, rising 9%, after the company reported better than expected earnings and sales.
Stifel Financial (SF) rallied more than 4% to a new high. It's still clearing a 16-week consolidation with a relative strength line in new high ground. On Feb. 1, Stifel topped a 76.33 buy point.
Deere & Company (DE) also moved nicely, up nearly 4%. It's trying to break free from a 23-week consolidation.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
YOU MAY ALSO LIKE:
Top Growth Stocks To Buy And Watch
Learn How To Time The Market With IBD's ETF Market Strategy
Find The Best Long-Term Investments With IBD Long-Term Leaders
MarketSmith: Research, Charts, Data And Coaching All In One Place
The post Dow Jones Jumps 350 Points, Fueled By Amgen Breakout; Financial Stocks Follow 10-Year Yield Higher appeared first on Investor's Business Daily.
from Investor's Business Daily https://ift.tt/s8hHurU