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Dow Jones Ends Slightly Lower But Closes Out August With A Gain; Walgreens Higher On Wage Hike For Hourly Workers

The Dow Jones Industrial Average moved lower in today’s stock market, while the S&P 500 and Nasdaq also traded slightly lower. But the major indexes closed out the month of August with an overall gain.




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Stock Market Today

The Nasdaq fell less than 0.1% while the S&P 500 lost slightly more than 0.1%. The Dow Jones followed suit with a drop of roughly 0.1%, while the Russell 2000 index bucked the trend and turned positive with a 0.3% gain. Preliminary data showed higher volume on the NYSE and lower volume on the Nasdaq.

Although stocks closed lower on the final trading day of August, the major indexes posted a gain for the month. The S&P 500 gained roughly 3%, bringing its annual gain up to 21%. The index has now closed out its seventh straight monthly advance.

The Nasdaq posted a gain of roughly 4% in August while the Dow Jones underperformed with a 1.3% rise. The Dow’s underperformance may be attributed to the rise of the delta variant. The index’s components are largely cyclical stocks, dependent on a strong economic recovery.

Growth Stocks To Watch

As for top growth stocks in the stock market, the Innovator IBD 50 ETF (FFTY) outperformed with a gain of 0.5%, rising near its February highs. The ETF continues to move above its 50-day line and is approaching a 5% buy zone with a 50.06 buy point. Stocks outperforming in the index included Doximity (DOCS) and Dynavax Technology (DVAX), which gained roughly 11% and 7%, respectively.

Celsius (CELH) was also among outperformers in the IBD 50. It’s near a new consolidation buy point of 83.10. The current base is later stage, which adds risk to the trade. Earlier stage bases have the highest probability of success.

Celsius is a leader in the non-alcoholic beverages industry group and ranks No. 2 based on its solid Composite Rating of 92.

Notable stocks from the MarketSmith Growth 250 breaking out on Tuesday included records and document management services stock Iron Mountain (IRM). The growth stock rose over 2.2% and broke out from a 46.96 cup-with-handle buy point. Shares remained in the buy area in afternoon trading. The buy zone tops out at 49.30.

Elsewhere, Zoom Video (ZM) stock fell 16% after the company reported a sudden slowdown in earnings and sales growth. Adjusted earnings increased 48% to $1.36 per share while revenue rose 54% to $1.02 billion. Prior quarters showed year-over-year growth in the triple digits for both the top and bottom lines. Shares gapped down in heavy volume.

Dow Jones Today

Inside the Dow Jones, IBM (IBM), Boeing (BA) and American Express (AXP) outperformed with gains of close to 1% each. But all three of the stocks remained at or below their 50-day and 200-day lines.

Walgreens (WBA) led the upside with a gain of over 4% as shares moved higher in heavy volume. The Dow component reclaimed its 50-day and 200-day lines. Shares were up after the firm announced its decision to raise its wages for hourly workers in phases, with the goal of reaching $15 per hour by November 2022. Wage increases will begin in October of this year.

Follow Rachel Fox on Twitter at @foxonstocks for more Dow Jones and market commentary.

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