Dow Rallies As Biden Issues Covid-19 Orders; Apple Stock Rises, Tesla Stock Hits Reverse

The Dow Jones Industrial Average rallied in a seesaw session Thursday as President Joe Biden used executive orders to tackle the Covid-19 pandemic. Apple (AAPL) and Intel (INTC) were among the best performing blue chips, while a couple of stocks passed buy points.

General Motors (GM) reversed lower, while EV stocks Tesla (TSLA) and Nio (NIO) enjoyed mixed fortunes.

X

President Biden announced 10 executive orders as he looks to get a grip on the coronavirus pandemic. These include using the Defense Production Act to spur U.S. companies to produce more N95 masks, swabs and other equipment.

Meanwhile around 900,000 workers filed for unemployment benefits last week, according to new data. This was in line with analyst expectations, according to Econoday data. It was down slightly from the previous week’s 926,000.

The Covid-19 pandemic is continuing to rage. The cumulative number of confirmed coronavirus cases in the U.S. topped 25 million on Thursday, according to the Worldometer data tracker. Total virus-related deaths rose past 415,000.

U.S. Stock Market Today Overview
Index	Symbol	Price	Gain/Loss	% Change
Dow Jones	(0DJIA)	31181.38	-7.00	-0.02
S&P 500	(0S&P5)	3851.98	+0.13	+0.00
Nasdaq	(0NDQC )	13513.37	+56.12	+0.42
Russell 2000	(IWM)	212.44	-1.95	-0.91
IBD 50	(FFTY)	45.98	+0.32	+0.70
Last Update: 1:22 PM ET 1/21/2021

Nasdaq Leads S&P 500

The Nasdaq continued to make progress, and was the best performing major index as it gained around 0.4%. Top performers included Paccar (PCAR), which gained almost 11%, and coronavirus vaccine play Moderna (MRNA).

The S&P 500 was essentially flat. Auto giant Ford (F) was among the best performers, gaining more than 7%. United Airlines (UAL) was among the laggards, slipping around 6%.

Volume was mixed compared with the same time on Wednesday. It rose by more than 3% on the Nasdaq and fell by around 10% on the NYSE.

Sectors were struggling, with more losers than winners. Consumer discretionary, communication services and technology were the only ones in the green.

Small caps were lower, with the Russell 2000 sliding around 0.9%.

However, growth stocks were turning in gains. The Innovator IBD 50 ETF (FFTY) slipped back, but was still up almost 1%. Online trading stock Futu (FUTU) was the top performer on the IBD 50, rising by almost 10%. Others turning in good gains included Floor & Decor (FND) and ASML (ASML).

Apple Stock Aids Dow Jones

The Dow Jones Industrial Average was rallying in a mixed session. It was essentially flat, but managed to get back into green territory.

Apple stock was among the standout performers. It rose around 3%, and continues to pull away from its 50-day line. The stock is now forming a handle with a buy point at 138.89, according to MarketSmith.

Apple stock rose above aggressive entries at 125.49 and 122.09 in recent weeks. It holds a mediocre IBD Composite Rating of 78. The tech giant is reporting earnings next week.

Intel was also powering higher ahead of earnings. The stock was up around 1.5%. The chipmaker will report results after the close.

GM Stock Turns Negative; Tesla Stock Struggles

Auto giant General Motors was up around 0.9% early, but then fell as it gave up around 1%. GM stock is in a profit-taking zone after rising 20% from a 46.81 cup-base buy point last week, MarketSmith analysis shows. The move has helped its IBD Composite Rating improve to 88.

IBD Leaderboard stock Tesla was rallying from lows, but was down 0.3%. It is maintaining its current trend of trading tightly. The stock has a best-possible Composite Rating of 99.

Chinese EV stock Nio seesawed, powering back after giving up ground early. It was up around 0.4%. It is still in its buy zone. It broke out from a 57.30 buy point in a cup base last week, but slipped below it on Friday. Today, it is sitting just above its buy point.

These Stocks Break Out

Installed Building Products (IBP) broke out of a cup base. However it has slipped back below its ideal buy point of 121.77.

The insulation services stock has a top notch IBD Composite Rating of 98. Earnings are a key strength, with its EPS Rating coming in at 97.

At Home Group (HOME) surged 10%, rising above its buy point after breaking out of a consolidation. The ideal buy point is 23.03.

The home decor retailer has a perfect Composite Rating of 99. Stock market performance is the stock’s key strength, with its RS Rating sitting at 98. That puts it in the top 2% of stocks for market performance over the past 12 months.

Please follow Michael Larkin on Twitter at @IBD_MLarkin for more on growth stocks and analysis.

YOU MIGHT ALSO LIKE:

DOCU Stock: Bullish Option Trade With 85% Return Potential

Vaccine Stocks Are Bullish Covid Jab Could Fight U.K. Mutation

Get Full Access To IBD Stock Lists And Ratings

What’s New In IBD Leaderboard? Check Out Top Growth Stocks Here

These Are The 5 Best Stocks To Buy And Watch Now