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Dow Jones Jumps 260 Points, Closes In On 35,000 Level; Earnings Winners Include Chipotle, ASML

The stock market held solid gains in afternoon trading Wednesday after the S&P 500 made a nice stand at its 50-day moving average Tuesday. Chevron (CVX) led the Dow Jones Industrial Average, with U.S. crude oil futures up nearly 5% to $70.44 a barrel.




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Goldman Sachs (GS) and JPMorgan (JPM) also outperformed in the Dow Jones today, helped by rising interest rates. Money flowed out of bonds, lifting the 10-year Treasury yield to 1.29%, up 8 basis points.

After surging 3.1% Tuesday, the iShares Russell 2000 ETF (IWM) added an additional 1.6%.

Dow Jones Today

The Dow Jones industrials were up 0.8%, aiming for the 35,000 level, as Wall Street weighed earnings reports from Coca-Cola (KO), Verizon (VZ) and Johnson & Johnson (JNJ). Coca-Cola surged above a 56.58 buy point, but a 3% early gain faded to 1.5%. Verizon was also near session lows after a strong start. J&J stock edged higher as it held support at the 50-day moving average.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34776.11 +264.12 +0.77
S&P 500 (0S&P5) 4354.35 +31.29 +0.72
Nasdaq (0NDQC ) 14592.06 +93.18 +0.64
Russell 2000 (IWM) 221.84 +3.54 +1.62
IBD 50 (FFTY) 44.03 +0.81 +1.87
Last Update: 2:44 PM ET 7/21/2021

The S&P 500 added 0.7%, helped by a big gain for Chipotle Mexican Grill (CMG), which soared more than 10% on strong earnings. Interpublic Group of Companies (IPG) also broke out powerfully on strong Q2 results.

The Nasdaq composite added 0.6% and the Nasdaq 100 rose 0.5%. Semiconductor stocks were among the best gainers in the Nasdaq 100, helped by a bullish earnings report from Leaderboard stock ASML (ASML). Lam Research (LRCX) jumped 4%. It’s close to breaking out over a trend line in a seven-week consolidation.

But Netflix (NFLX) was a drag, down 4% after another lackluster subscriber growth forecast, plus news that Q2 revenue growth decelerated from Q1.

Outside the Dow Jones

Several IBD 50 stocks outperformed, helping lift the Innovator IBD 50 ETF (FFTY) to a gain of 1.9%. Lithia & Driveway (LAD) was a top gainer in the index of leading growth stocks, helped by strong earnings. Group peer AutoNation (AN) reported strong earnings on Monday and topped a 107.09 buy point. It followed through Tuesday and extended gains Wednesday.

Inside the MarketSmith Growth 250, China-based EV maker Li Auto (LI) soared nearly 10% in strong volume as it closes in on a 36.76 buy point.

BioNTech (BNTX), which joined Leaderboard last week after a successful test of its 10-week moving average, jumped 5%. It cleared a short consolidation with a 252.88 buy point.

Sprout Social (SPT) added 4% as it finds support at the 10-week line.

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

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