The stock market held modest gains in afternoon trading Thursday. IBM (IBM) was a top gainer in the Dow Jones Industrial Average today after the company announced plans to spin off its managed infrastructure business to focus more on its hybrid cloud business. IBM stock jumped 5% but was well off session highs. American Express (AXP), Goldman Sachs (GS) and JPMorgan (JPM) were other top gainers in the Dow Jones today.
With about one hour left to go in the session, the Russell 2000 small-cap index led the way, up 1%; the S&P 500 rallied 0.7%; the Nasdaq composite picked up 0.5% and the Dow Jones industrials edged up 0.3%. Volume on the Nasdaq was lower compared to the same time Wednesday. NYSE volume rose slightly.
Stock indexes backed off highs earlier in the session after House Speaker Nancy Pelosi said there would not be a stand-alone stimulus bill for airlines. Earlier this week, President Trump told Republicans to walk away from stimulus talks. After that, he proposed smaller relief bills, including $25 billion for airline payroll support.
U.S. Stock Market Today Overview
Last Update: 2:42 PM ET 10/8/2020
Meanwhile, amid concerns about the health of the U.S. economy, the retail sector continues to serve up plenty of bullish charts.
Five Below (FIVE) has been trading sideways and holding gains nicely since it gapped up on earnings in early September. The chart now shows an alternate entry of 140.24, 10 cents above its Sept. 18 intraday high.
Dow Jones Gainers
Goldman Sachs was up nearly 2% ahead of next week’s earnings report. Goldman is among a large group of financial stocks set to report earnings in the coming week. Others include BlackRock (BLK), Citigroup (C), Bank of America (BAC) and Morgan Stanley (MS). Earlier today, Morgan Stanley announced plans to buy asset manager Eaton Vance (EV) for $7 billion.
The Dow Jones confirmed a new uptrend on Sept. 30, rising 1.2% in higher volume. The follow-through day occurred on the fifth of its rally attempt. The Nasdaq hasn’t followed through yet, but since the Nasdaq’s Sept. 21 low, the index shows six gains of at least 1%. All of those gains came in lower volume. Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.
ETF News, New Names In IBD Leaderboard
Horizon Therapeutics joined Leaderboard on Sept. 15 when it broke out over a 79.03 buy point. Pool is close to a breakout from a cup base with a 342.25 buy point.
Taiwan Semiconductor (TSM) is the highest weighted stock in SMH. Shares were strong early after the company said September sales rose 24.9% year over year. But the stock was off highs. It’s trading just above an alternate entry of 86.89.
In other stock market news, Jazz Pharmaceuticals (JAZZ) was a nice gainer in the MarketSmith Growth 250. The drugmaker gapped up past a 145.03 buy point after the company announced positive Phase 3 data for a drug used to treat adult patients suffering from idiopathic hypersomnia, or excessive sleepiness.
Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.
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