The Dow Jones Industrial Average rallied more than 200 points Monday, as Virgin Galactic rocketed 21% on a successful spaceflight test. Apple and Tesla stock rebounded from Friday’s sharp losses.
Microsoft and Roblox are IBD Leaderboard stocks.
Dow Jones Today
The Dow Jones Industrial Average rose 0.6% early Monday, while the S&P 500 moved up 1.1%. The tech-heavy Nasdaq composite climbed 1.5% in midday trade.
U.S. Stock Market Today Overview
Last Update: 11:00 AM ET 5/24/2021
Stock Market Rally At Key Levels
The Dow Jones Industrial Average and S&P 500 continue to rebound from their 50-day support levels, on pace to extend win streaks to three sessions Monday. Meanwhile, the tech-heavy Nasdaq will again try to regain its 50-day moving average after reversing lower Friday.
Monday’s Big Picture column commented, “The Nasdaq fell nearly 0.5% on Friday. But volume fell, even as monthly and weekly options expired. This indicated a lack of heavy institutional selling pressure. Plus, the tech-fortified composite scraped up a 0.3% weekly gain. In recent weeks, the 8.5% drop from a February all-time high of 14,211 has helped serve to remove some speculative froth.”
For more stock market commentary, check out IBD’s The Big Picture.
Dow Jones Stocks: Goldman, JPMorgan
Dow Jones financial leader JPMorgan is in the 5% buy area above a 161.79 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares rallied 0.6% Monday midday.
Goldman Sachs is in the 5% buy range past a 356.95 buy point that goes up to 374.80. Shares were up 0.3% Monday.
Virgin Galactic Soars
Virgin Galactic soared as much as 21% before paring gains to 17% after successfully landing a powered test flight of its SpaceShipTwo space plane on Saturday.
Shares remain about 60% off their 52-week high and are still below their long-term 200-day moving average.
Stocks To Buy And Watch: Commvault, Nvidia, Roblox
Commvault is breaking out past a 71.82 buy point in a cup with handle, advancing more than 5% midday Monday. The 5% buy area goes up to 75.41, so the stock is barely in buy range.
Nvidia bullishly reclaimed its 50-day line last week and is building the right side of a new base. The stock rallied over 4% Monday midday, on pace to extend a win streak to four sessions.
According to IBD Stock Checkup, Nvidia stock shows an 86 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock’s fundamental and technical metrics.
IBD Leaderboard stock Roblox is reclaiming a 83.51 buy point in a short consolidation. Shares jumped 6% in morning trade.
Per Leaderboard commentary, “After failing to break decisively from its IPO base, the stock went into a new consolidation period. It is now spiking in heavy volume as it breaks to new ground.”
Tesla stock reversed from early losses to rally 3% Monday, recovering from Friday’s 1% fall. The EV giant is fighting to retake its long-term 200-day moving average after hitting recent lows on Wednesday. Shares are about 35% off their 52-week high.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple moved up 1.7% Monday, looking to rebound from Friday’s 1.5% decline. Shares are still attempting to retake their 50-day moving average, which would be bullish for the stock’s prospects.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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