Stocks rose midday Monday as the Dow Jones Industrial Average reversed higher, while the Nasdaq and S&P 500 rallied to all-time highs.
The Nasdaq rallied 0.9%, the S&P 500 rose 0.6% and the Dow Jones industrials edged 0.1% higher in the stock market today. Small caps tracked by the Russell 2000 eased 0.2%. Volume was higher on both major exchanges vs. the same time Friday.
The U.S. economy continues to recover from the Covid-19 pandemic, which triggered nationwide lockdowns over a year ago. Most states had relaxed restrictions as vaccinations continued to roll out and cases decreased.
But cases are rapidly rising again and mask mandates are returning in some states as the delta variant spreads.
U.S. Stock Market Today Overview
Last Update: 11:58 AM ET 8/30/2021
Cumulative Covid-19 cases worldwide have topped 217 million, with more than 4.5 million deaths, according to Worldometer. In the U.S., cases are approaching 40 million with close to 655,000 deaths.
Growth Stocks To Watch
Broadcom (AVGO) gapped up and rose nearly 2% to a new high, following through on its Friday breakout past a 495.24 consolidation buy point. Shares remain in potential buy range, which goes up to 520. Analysts expect the chip designer to earn $6.88 a share on sales of $6.76 billion when Broadcom reports fiscal Q3 results late Thursday.
Matson (MATX) gained 1.7% to a new high, climbing past a 79.15 buy point of a six-month cup base, according to MarketSmith chart analysis. The stock is in a buy zone, which tops out at 83.11. The Honolulu-based shipper has scored triple-digit profit growth the past three quarters. A 99 Composite Rating leads the 27-stock ship transportation group.
Palantir Technologies (PLTR) rose 1.8%, breaking out past a 26.04 buy point of a cup-with-handle in heavy trade. The buy zone tops out at 27.34. PLTR stock briefly climbed above the entry on Friday, but closed below. Its relative strength line remains well off its old highs. Ideally, the RS line should hit a new high on the breakout day.
Dow Jones Movers
Apple (AAPL), up 2.2% in heavy trade to a record high, led the blue chip index. Shares are back above a 148 trend line buy point. It’s also in buy range from a 145.19 cup-base entry. The buy zone goes up to 152.55. Apple is an IBD Leaderboard stock.
Home Depot, up 1.6%, gapped back above its 50-day moving average after testing the line last week. The stock is trading just below a 335.55 buy point of a cup with handle, which it had cleared earlier this month. If HD stock climbs past the entry again, the buy zone goes up to 350.23.
Microsoft added 1.3% and is trading just off its recent record highs. The Leaderboard stock is extended, up almost 14% from a 263.29 buy point of a cup base.
Financial stocks lagged on the Dow with Goldman Sachs (GS), JPMorgan Chase (JPM), Travelers (TRV) and American Express (AXP) all down more than 1% each. The 10-year Treasury yield eased 2 basis points to 1.29%.
Boeing (BA) also gave up 1%. The stock, about 20% off its 52-week high, has been stuck below its 50-day line.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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