Dow Jones Gains As Apple Pops; Biden Makes Spending Move; Bitcoin ETF Jumps On Debut

The Dow Jones Industrial Average gained, with Johnson & Johnson (JNJ) leading on earnings and Apple (AAPL) also popping. President Joe Biden moved to get his spending plans back on track. The first Bitcoin ETF popped on its debut, with the cryptocurrency itself also rising.

There were a of cluster of bullish moves as the market kicks back into gear. The Invesco Solar ETF (TAN) made a bullish move. ServiceNow (NOW), Accenture (ACN) and Enphase Energy (ENPH) were among a group of stocks passing buy points.


President Biden Makes Spending Move

Biden is meeting with progressives and moderates from both the House and the Senate Tuesday, as he tries to get his troubled spending agenda back on track.

A bipartisan $1 trillion infrastructure bill is being held up amid Democrat infighting over the larger so-called human infrastructure bill.

Progressive Democrats have been battling with party moderates over the controversial $3.5 trillion package, which contains a sweep of health care, education and climate measures.

Biden will meet with members of the House Progressive Caucus and the moderate Problem Solvers Caucus. He is also set to speak with Senate moderate Kyrsten Sinema, who has seen her fame shoot to new heights as she holds firm against the lavish spending bill.

White House spokeswoman Jen Psaki tried to put a positive spin on things when she spoke on the subject Monday.

“We are encouraged by the accelerated pace of talks and are eager to get this done,” she said.

Nasdaq Gains, Growth Stocks Lead

The Nasdaq was the leading major index, rising just over 0.7%. (JD) was the top stock here, rising almost 3%.

The S&P 500 was also making progress, rising nearly 0.7%. Casino stock Penn National Gaming (PENN) fared best here, rising more than 5%.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 35426.82 +168.21 +0.48
S&P 500 (0S&P5) 4516.04 +29.58 +0.66
Nasdaq (0NDQC ) 15128.45 +106.64 +0.71
Russell 2000 (IWM) 226.33 +1.30 +0.58
IBD 50 (FFTY) 50.15 +0.64 +1.29
Last Update: 1:32 PM ET 10/19/2021

The S&P 500 sectors were mainly green, with energy and health leading. Technology was also strong. Consumer staples was the worst laggard.

Small caps were managing to move higher, with the Russell 2000 gaining almost 0.6%.

Growth stocks were giving the bears the bloodiest nose however. The Innovator IBD 50 ETF (FFTY) was up about 1.3%.

JNJ, Apple Stock Lift Dow Jones

The Dow Jones Industrial Average was lagging the other major indexes but still up about 0.5%.

Johnson & Johnson was the strongest component, rising more than 3% in healthy volume. The stock is looking to form a flat base with a 180.82 buy point.

It was given a shot in the arm after serving up Q3 earnings that topped estimates. While it fell short on revenue targets, this was offset by the fact it raised its full-year outlook.

JNJ reported adjusted earnings of $2.60 per share on sales of $23.3 billion. On average, analysts polled by FactSet expected the company to earn $2.35 per share on $23.64 billion in sales.

AAPL stock was another strong performer on the Dow Jones today, gaining about 1.5%. Apple stock has now formed a flat base, according to MarketSmith analysis.

It is shooting for an ideal buy point of 157.36.

New Bitcoin ETF Pops

The ProShares Bitcoin Strategy ETF,ticker symb=BITO], the first U.S. Bitcoin-linked exchange-traded fund, rose on its debut. It was up almost 4%.

The fund, which is linked to Bitcoin futures, is trading on the New York Stock Exchange.

While the Securities and Exchange Commission did not formally approve the ProShares Bitcoin Strategy ETF, it let the deadline for comments lapse. This allowed the fund to begin trading.

“BITO will open up exposure to Bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider,” ProShares Chief Executive Michael Sapir said in a written statement.

Grayscale Bitcoin Trust (GBTC), which has filed to convert into a Bitcoin Spot ETF, was up nearly 5%.

Bitcoin was up about 2% and sat just above the $66,000 level Tuesday, according to CoinDesk.

Solar Stocks Help This ETF

The Invesco Solar ETF (TAN) was a top performer as it took advantage of a resurgence in interest in solar stocks.

It managed to kick above its 200-day moving average as it posted a gain of nearly 5%. The ETF is gaining power amid a broad resurgence among solar stocks and could be set to shine.

The bullish action among solar stocks such as First Solar (FSLR), which rose more than 4%, is a sure sign of institutional accumulation. This is key for CAN SLIM investors.

Its strong action saw the ETF added to the prestigious IBD Leaderboard list of leading growth stocks.

These 3 Stocks Pass Buy Points

ServiceNow has just cleared a new flat-base buy point of 681.20, according to MarketSmith analysis.

The stock has bounced above its 50-day line, which is a constructive step. The relative strength line has made upward progress in recent sessions.

The stock has a strong track record, netting it a place on Leaderboard and the Long-Term Leaders lists. Earnings are due Oct. 27, which adds risk.

Accenture is in a buy zone after clearing a flat base. The ideal entry point here is 345.62.

The professional services stock boasts solid all-around performance, with a good Accumulation-Distribution Rating of B a highlight.

Enphase Energy is in a buy zone after clearing a double-bottom base entry of 181.82. Energy stocks have been performing well of late.

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