The Dow Jones Industrial Average climbed in today's stock market as all three major indexes traded near their intraday highs. The Nasdaq composite led the market, with a gain of roughly 90 points, or 0.7%, during the final hour of the session as tech stocks try for a rebound.
XStock Market Today
The small-cap Russell 2000 index rose 0.1%. The S&P 500 traded 0.2% higher while the Dow Jones posted a 0.1% increase. Volume was higher on the NYSE and on the Nasdaq, compared with the same time on Friday.
The major indexes initially traded lower as a Covid-19 vaccine developed by Oxford and AstraZeneca (AZN) had been suspended in Germany, Italy and France due to unexpected blood clots. AstraZeneca shares were unaffected, trading slightly higher on Monday.
Meanwhile, technology stocks led the market higher as the tech-heavy Nasdaq rebounded from its recent sell-off. Blue chips and tech stocks have strongly diverged in performance over the past few weeks as investors turned away from growth and into value and cyclical stocks that are tied to an economic recovery.
The Innovator IBD 50 ETF (FFTY) traded up 0.5% and near session highs. Shares of the growth stock-focused ETF regained support at the 50-day line last week on Thursday. Stocks leading the upside in the growth-focused ETFs were MarineMax (HZO) and Floor & Decor (FND), with gains of over 6% each.
Shares of MarineMax stock recently found solid support at the 50-day and 10-week moving averages. Shares are now extended above this new entry point. The stock maintains excellent IBD Ratings with a 98 Composite Rating and a 96 Relative Strength Rating.
Meanwhile, Floor & Decor regained support at its 50-day line on Monday as shares build the right side of a double-bottom base with 104.14 buy point.
Major airline stocks traded higher after several carriers reported higher bookings. Additionally, the Transportation Security Administration said screenings rose to the highest levels in a year.
Delta Air Lines (DAL), American Airlines (AAL) and United Airlines (UAL) all turned in strong gains of 3.1%, 8.2% and 9.2%, respectively. All three stocks are currently extended from recent breakouts.
Dow Jones Today
The Dow Jones held a solid gain as many blue chips traded higher. Stocks leading on the upside were Walgreens (WBA), Nike (NKE) and McDonald's (MCD).
Shares of Nike stock traded close to 3% higher on Monday. Shares rose further above the 50-day line as the stock is nearing a buy zone from a flat base with a 148.05 buy point. The buy zone tops out at 155.45, according to MarketSmith analysis. The stock regained its 50-day line last week, a bullish sign.
But investors should be aware that the stock maintains less-than-ideal IBD Ratings, including a 61 Composite and a 56 RS Rating. Nike is set to report fiscal third-quarter results on Thursday. An approach highlighted by Investor's Business Daily is to use options as a strategy to reduce risk around earnings.
Tech giant Apple (AAPL), gained nearly 2% as shares remain in between the 50-day moving average and 200-day line. Share fell below the 50-day moving average a few weeks ago amid the sector rotation away from tech stocks. Apple was among top gainers in the Dow on Monday.
Finally, Microsoft (MSFT) was also among stocks trading higher as shares continued trading inside the buy zone of a 232.96 consolidation buy point. The stock recently found support near the 50-day moving average. Shares of Microsoft remain roughly 5% off their 52-week high.
Microsoft holds a half-size position in Leaderboard.
Follow Fox on Twitter at @foxonstocks for more Dow Jones and market commentary.
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