The Dow rose after Federal Reserve Chairman Jerome Powell pledged inflation. Tesla (TSLA) cut a new entry share, while Rivian Cars (RIVN) has advanced a new analyst rating. General Electric (GE) also jumped into new coverage. An apple (AAPL) and Boeing (BA) was among the top leading companies, while Illumina (ILMN) exploded.
A couple of stocks managed to exceed the buying points amid the positive movement. apache parent what or what (APA) and steel stock Arcelor Metal (MT) Both entries tested.
Fed Chairman Powell pledges inflation
Federal Reserve Chairman Powell gave the stock market a boost after he struck a hawkish, but measured tone, during Tuesday’s Senate appointment hearing.
He insisted that there would be a return to normal supply conditions in 2021, but stressed the point where he would not be afraid to use his toolbox to tackle price hikes amid the mismatch between supply and demand.
“If we see inflation continuing at high levels for longer than expected (and) we have to raise interest rates more over time, we will,” he said.
The central bank cuts interest rates to boost demand and stimulate growth. It also raises them to cool the economy and curb demand.
Revenues fell following Powell’s testimony. The benchmark 10-year US Treasuries fell about 3 basis points to 1.75%.
Nasdaq rises, stock growth jumps
The Nasdaq had a strong session, closing up 1.4%. Illumina was the top stock here, up 17%. It was boosted after the release of revenue guidance for 2022 that topped analysts’ views.
US stock market overview today
|index||Code||the price||win/loss||% changes|
|Dow Jones||(0 DJIA)||36251.76||+182.89||+0.51|
|Standard & Poor’s 500||(0S&P5)||4713.10||+42.81||+0.92|
|defect 50||(fifty fifty)||42.26||+0.55||+1.32|
Last update: 4:06 PM ET 11/1/2022
The S&P 500 also moved higher, ending the day 0.9% higher. Las Vegas Sands (LVS) was among the standouts here, earning 6.6%.
The S&P 500 sectors were mostly positive. Technology and energy were in the lead, while consumer goods and utilities fell the most.
Small caps have also been boosted amid encouraging actions. Russell 2000 closed up 1%.
Growth stocks also gave blood bears, with the Innovator IBD 50 ETF (FFTY), considered a leader in growth stocks, up 1.3%.
Dow Jones Up as Boeing and Apple Stock Gain
The Dow Jones Industrial Average also pared gains. It closed up 0.5% as it rose 183 points.
Apple stock was among the best performers. It is up about 2% and has stayed extended from the handle cup buying point at 153.27.
But it was Boeing that led the upside of the Dow Jones today. The airline industry giant closed up 3.2 percent. However, it is still stuck below the 200-day line at the moment.
IBM (IBM) was the worst on the index, down nearly 2%.
IBM stock was penalized after UBS lowered its rating from neutral to sell. Procter & Gamble Company (PG) It closed down just over 1%.
Tesla Stock introduces a new entry; Raven Pops
Electric car leader Tesla closed 0.6% higher and now offers a new buying point. Entry at 1,208.10 is due to the new handle, which is deeper than usual due to recent choppy market conditions.
It comes after the breakout failed to surpass the double base buy point at 1,202.05.
Tesla stock gave up all of its gains and more, after clearing an entry in the trendline last week. But if the positive movement of the market continues, it may regain this level soon.
The shares traded as high as 1,243.49 on November 4th. The stock is now about 15% below that level. However, it has remained up more than 30% over the past 12 months.
TSLA Stock is a member of the IBD Leaderboard’s Prestigious List of Top Growth Stocks.
Meanwhile, Rivian stock closed 2.6% higher. EV stock was boosted after Redburn started coverage with a buy rating.
Despite the progress made today, it is still down more than 3% for the week. It’s also more than 50% off its all-time high of 179.47.
General Electric stock jumps at this key level
General Electric stock rose after investment bank Bernstein began covering. It closed the session up 2.4%.
GE stock is currently in the process of consolidation. MarketSmith analysis shows that it is still quite shy of its ideal buy point at 116.27.
Both earnings and stock market performance are far from ideal. But there are positive technical signs.
It is now back above the 50 day moving average. It is also approaching the 200-day moving average, while the relative strength line is also rising slightly.
Bernstein highlighted the potential benefits of turning them into three separate companies. The company said its component parts are “easily scalable public companies”. She also said that an “improved line of sight to financial and final markets” would benefit shareholders.
These stocks pass through the points of purchase
APA closed the original Apache out of buying after sprinting past the no-handle cup entry at 28.73. This is the stage two pattern, which IBD research has found to be most likely to work.
The relative strength line rose to a new high, which is another positive thing.
Energy stocks have generally been in good shape, as economies look to move forward in the wake of the coronavirus pandemic.
Steel play ArcelorMittal closed in the buy zone after moving above the ideal entry level at 87.87.
One issue is the company’s earnings, which are not ideal. But big money has been buying the shares lately and they are in the top 10% of stocks in terms of market performance over the past 12 months.
Since the uptrend of the market is still under pressure at the moment, it is not advisable to buy new shares at the moment.
It’s worth keeping a close tab on what stocks are doing well under these circumstances and adding them to your watch list, anyway.
Please follow Michael Larkin on Twitter at Tweet embed Learn more about growth stocks and analysis.
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