Major indexes were on track for big weekly gains just after midday Friday, as the Dow Jones Industrial Average is now up for the year.
The Nasdaq rose 0.5%, the Dow Jones industrials also gained 0.5% and the S&P 500 was up 0.4% in the stock market today. Small caps tracked by the Russell 2000 advanced 0.4%. Volume was lower on both major exchanges vs. the same time Thursday.
The Nasdaq is eyeing a 3.4% jump for the week, the S&P 500 is up 2.9% and the Dow Jones index is up 2.3%. That would mark a fifth straight advance for the Nasdaq and S&P 500.
Despite some recent volatility, the U.S. stock market has reached new highs. A resurgence in tech stocks has lifted the tech-heavy Nasdaq to a 30% year-to-date gain, while the S&P 500 is up 8% and the Dow was flat through Thursday’s close. The Russell 2000 is 6% underwater this year.
While the stock market has been in a confirmed uptrend since the April 2 follow-through day for the S&P 500, it’s had hiccups as Covid-19 cases continue to proliferate. (Read The Big Picture for a detailed analysis on daily market action.)
U.S. Stock Market Today Overview
Last Update: 1:06 PM ET 8/28/2020
Worldwide coronavirus cases are approaching 24.7 million, with nearly 837,000 deaths, according to Worldometer. In the U.S., confirmed cases have topped 6.05 million, with the death toll now close to 185,000.
Intel (INTC), up 1.9%, was one of the Dow’s biggest gainers. It’s been trading well below its 50-day moving average since July 24, when shares plunged 16% after the chip giant said it would delay its advance to next-generation 7-nanometer chips by six months. Intel sits nearly 30% off its 52-week high.
Microsoft, Walmart Want TikTok
Microsoft, up nearly 1%, is on track for a new closing high. If the gain holds, the IBD Leaderboard and IBD Long-Term Leader stock will extend its win streak to five. Shares are extended from a recent test of the 10-week moving average.
Walmart, up 2.5%, on Thursday confirmed it has teamed up with Microsoft to buy the U.S. operations of TikTok from China’s ByteDance. The retail giant rallied 4.5% that day. Shares are now extended from a 132.09 buy point of a double-bottom base, according to MarketSmith chart analysis. The buy range topped out at 138.69.
Solar, airline and software stocks led the upside among IBD’s 197 industry groups. But discount retailers, meat product and medical supplies stocks lagged.
Electric Car Stocks On The Move
Automakers, the No. 1 group, also outperformed. Tesla (TSLA) pared a big early gain to put its win streak in jeopardy. The IBD Leaderboard stock is extended from a 1,795.09 buy point of a high, tight flag pattern.
The automaker industry group has surged 11% this week, thanks mostly to Tesla and other electric car makers.
Tesla is up 11% on the week, while China’s Nio (NIO) and Li Auto (LI) have rallied a respective 36% and 26%. And Xpeng Motors (XPEV) vaulted 41% in its initial public offering Thursday. It was up 8% Friday.
Workday Leads IBD 50
Over in the IBD 50, Workday (WDAY) gapped up and soared 13% in massive trade to a new record high. Shares are now well extended from Wednesday’s breakout past a 200.10 buy point of a flat base.
Late Thursday, the enterprise software maker reported Q2 results that topped views and offered better-than-expected subscription revenue guidance for Q3.
FFTY, just shy of a new all-time high, is nearly 15% extended from a 33.48 buy point of a cup with handle.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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