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Dow Jones Jumps 500 Points; Apple Gets Big Price Target Hike

The stock market held bullish gains in afternoon trading Tuesday after a strong up session Monday. Technology stocks snapped back and lifted the Nasdaq composite back above its 50-day moving average. The Nasdaq was up 3%, and the Dow Jones Industrial Average added 1.3%, helped by strength in American Express, Apple and Intel.




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After rising 3% Monday, American Express stock jumped 4% in the Dow Jones today. But it’s still below the 10-week moving average. Intel (INTC) stock also outperformed in the Dow Jones, helped by news it plans to take its self-driving car unit Mobileye public in mid-2022. Apple (AAPL) stock jumped to an all-time high, helped by a price target hike from Morgan Stanley to 200 from 164.

The S&P 500 rallied 2%, helped by strong showings from Fortinet (FTNT), AutoZone (AZO) and Leaderboard stock ServiceNow (NOW).

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 35698.32 +471.29 +1.34
S&P 500 (0S&P5) 4684.37 +92.70 +2.02
Nasdaq (0NDQC ) 15682.61 +457.46 +3.00
Russell 2000 (IWM) 224.90 +5.88 +2.68
IBD 50 (FFTY) 46.43 +2.03 +4.57
Last Update: 1:14 PM ET 12/7/2021

The Nasdaq 100 jumped 3%, led by Chinese stock Pinduoduo (PDD), which soared 13%. Despite the big price gains, PDD stock is still damaged goods after a brutal sell-off that started in February. A slew of semiconductor stocks rose sharply in the Nasdaq 100, including Marvell Technology Group (MRVL), ASML (ASML), Nvidia (NVDA) and Applied Materials (AMAT).

In economic news, the IBD/TIPP Economic Optimism Index hit its highest level in more than a year. The December reading rose 4.5 points to 48.4. Readings above 50 signify optimism, below 50 pessimism.

Outside The Dow Jones

The MarketSmith Growth 250 yielded several strong gainers, including Silicon Motion Technology (SIMO), which gapped powerfully out of an 18-week consolidation. It’s been a challenging environment for technical breakouts lately, but SIMO’s relative strength line hit a new high, confirming the breakout’s strength.

Oil and gas stocks outperformed as oil prices rose. Benchmark WTI crude oil futures were up around 4% to $72.50/barrel. Several oil and gas producers are making solid tests of their 10-week moving averages, including Whiting Petroleum (WLL), Denbury (DEN) and Civitas Resources (CIVI).


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The Innovator IBD 50 ETF (FFTY) surged 4.7% after pulling back 17.5% off its high. More than half of the IBD 50 index components were up 4% or more. Top gainers included Alpha & Omega Semiconductor (AOSL), SiTime (SITM) and Builders FirstSource (BLDR).

Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.

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