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Dow Jones Vaults 700 Points, Led By Surging Walgreens Stock; Tesla, Nvidia Hit Early But Move Off Lows

The Dow Jones Industrial Average and small caps outperformed in afternoon trading Monday, and technology stocks rallied off lows after Friday’s stock market sell-off. The Dow Jones industrials were up 2.1%, helped by strength in Walgreens stock, American Express (AXP) stock and Visa (V) stock. The Russell 2000 small-cap index rallied 2.1%.




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Financial stocks outperformed, helped by rising bond yields. The 10-year Treasury yield was up 7 basis points to around 1.41%. This helped lift the Financial Select Sector SPDR ETF (XLF) to a gain of 2.2%.

The Nasdaq composite was near session highs, up 0.9% but still below its 50-day moving average. The Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, added 0.7% and is finding support at the 50-day line so far.

The S&P 500 added 1.4% and is also holding support at the 50-day line. The index was boosted by strong performances from cruise line operators like Norwegian Cruise Line (NCLH) and Carnival (CCL). Travel stocks performed well overall. IBD’s airline group was one of the day’s top performers, up 8%. Hotel operators also performed well, with the group up 4%.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 35306.77 +726.69 +2.10
S&P 500 (0S&P5) 4603.65 +65.22 +1.44
Nasdaq (0NDQC ) 15225.67 +140.20 +0.93
Russell 2000 (IWM) 219.16 +4.45 +2.07
IBD 50 (FFTY) 44.09 -0.59 -1.32
Last Update: 1:14 PM ET 12/6/2021

Volume on the NYSE and Nasdaq was lower compared to the same time Friday.

 Dow Jones Movers

Walgreens Boots Alliance (WBA) outperformed in the Dow Jones today, up nearly 5%. Shares were strong last week on reports the company is considering selling or spinning off its Boots drugstore chain in the U.K.

Amgen (AMGN) jumped 3%, helped by a Goldman Sachs upgrade to buy with a 258 price target.

Boeing (BA) rallied 3.5% but, like Amgen, it’s been on a downtrend for several months.

Outside of the Dow Jones, sellers hit shares of Leaderboard stocks Nvidia (NVDA) and Tesla (TSLA), two of the last high-profile growth stocks left standing. Nvidia moved nicely off lows but was still down 4.5%. It’s still holding above its 50-day line.

The MarketSmith Growth 250 yielded plenty of strong movers, including oil and gas producer Civitas Resources (CIVI), which moved bullishly above its 50-day line. Oil and gas stocks performed well overall, with the Energy Select Sector SPDR Fund (XLE) up just over 2%. Whiting Petroleum (WLL) was another strong gainer in the group, up 5%.

Homebuilders also outperformed, led by Century Communities (CCS). Shares jumped 5%, but it’s past the 5% buy zone after a breakout over a 75.47 entry. In the real estate investment trust group, Invitation Homes (INVH) scored a new high. It’s still in the buy zone after reclaiming a 41.93 buy point.

Inside the IBD 50, homebuilder Green Brick Partners (GRBK) surged 6% and topped a 28.01 buy point.

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

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