The stock market posted strong gains in Friday afternoon trading, with the Dow Jones Industrial Average, S&P 500 and Nasdaq poised to end the week with solid weekly gains. The best gains in the Dow Jones today, with a gain of at least 5%, inclusive salesforce.com (CRM) Goldman Sachs (GS) a Boeing (BA).
Airbnb (ABNB), along with software stocks such as working day (WTAG), Oct (OKTA) a data dog (DDOG), topped the Nasdaq 100 Index.
While the Dow Jones posted plenty of bullish gains on Friday, few, if any, stocks in the blue-chip index are usable. United Health Group (UNH) is one of the stronger stocks on the Dow Jones, but slipped below its 50-day moving average after three straight gains. Shares fell nearly 2% during the overall weak day for managed care companies.
An overview of today’s US stock market
|index||symbol||the price||loss of profit||% change|
|S&P500||(0S & P5)||3889.16||+93.43||+2.46|
Last updated: 2:48 PM ET 6/24/2022
Also in the Dow Jones, Johnson&Johnson (JNJ) regained its 50-day moving average on Thursday and is still up as much as 1% on Friday. It forms a double bottom base with a buy point of 181.84.
After climbing above its 10-day moving average on Thursday, the Nasdaq Composite index surged above its 21-day exponential line and maintained a 2.6% gain in later trading. The S&P 500 was up 2.5% and the Dow Jones was up 2.1%. Volume on the NYSE and Nasdaq was slightly lower compared to the same point on Thursday.
Even with strong price gains, the rising stocks on the Nasdaq only fell 2.5:1. Things went much better on the NYSE, with the winners beating the losers roughly 6-1.
On the New York Mercantile Exchange, WTI oil futures stabilized at $107.62 a barrel, up 3.2%. The 10-year government bond yield increased 5 basis points to 3.12%.
Turning to economic news, May new home sales came in much better than expected, rising almost 11% to 696k. That was a lot more than the consensus of 587,000. April new home sales revised up to 629k. from an original estimate of 591,000. Strong housing data helped the iShares US Home Construction ETF (ITB) rise 2%.
The Financial Select Sector SPDR ETF (XLF) was one of the most efficient sectors in the S&P 500 Index, up more than 3%. top hold Berkshire Hathaway (BRKB) rebounded from lows, up more than 3% but is still in a bearish trend and is stuck below its 10-week and 40-week moving averages.
Outside the Dow Jones
Freight division IBD Group was one of the day’s most notable gains, up more than 5%. But it was mostly the big win for the small cap USA truck (USAK), which rose more than 100% after logistics company DB Schenker agreed to buy the company for 31.72 shares.
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An oil drilling machine has also proven itself well. Nabors Industries (NBR) rebounded from its 200-day moving average and is up 12%. He did Valaris (VAL), which rose 5%.
Zendesk (ZEN) also made a nice move, up as much as 30 percent after a group of buying companies agreed to purchase $10.2 billion in enterprise software stakes.
Department store operators like it Dillard’s (DDS) a Macy’s (M) also overcame and increased the group to approximately 5%. And hotel operators like it Marriott (To damage), hilton (HLT) a Hyatt (H) led the accommodation group to a gain of more than 5%.
Culinary camp (CHEF) flew out of double bottom base with an entry of 37.23. Shares rose 10%. AstraZeneca (AZN) is another population struggling to break through the base with a double bottom.
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A key feature to look for in a false bottom base is that the second leg down should intersect the first leg. This serves to shake sellers and can pave the way for a powerful escape. But breaks need a healthy market to succeed, and stock indices still face the problem of overhead supply when rising from lows.
There’s a coal producer in the MarketSmith Growth 250, which currently has just 131 stocks console power (CEIX) climbed above its 50-day moving average, but volume has been modest and gains retreated slightly after Thursday’s big volume drop.
Follow Ken Shreve on Twitter @IBD_KShreve for further stock market analysis.
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