Stocks rallied Wednesday, with the Dow Jones Industrial Average up 258 points, as Joe Biden was sworn in at noon ET to become the 46th president of the U.S.
XThe Nasdaq rallied 2%, the S&P 500 rose 1.4% and the Dow Jones industrials gained 0.8% in the stock market today. Small caps tracked by the Russell 2000 added over 0.4%. Early data showed mixed volume, lower on the NYSE but higher on the Nasdaq, vs. Tuesday.
The Nasdaq and S&P 500 hit all-time highs, while the Dow marked a new closing high.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 31188.38 | +257.86 | +0.83 |
| S&P 500 | (0S&P5) | 3851.85 | +52.94 | +1.39 |
| Nasdaq | (0NDQC ) | 13457.25 | +260.07 | +1.97 |
| Russell 2000 | (IWM) | 214.37 | +0.92 | +0.43 |
| IBD 50 | (FFTY) | 45.66 | +0.46 | +1.02 |
Last Update: 4:28 PM ET 1/20/2021 |
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"It's a new day in America," President Biden tweeted ahead of the inauguration. Post-inauguration, he tweeted from the @POTUS account: "There is no time to waste when it comes to tackling the crises we face. That's why today, I am heading to the Oval Office to get right to work delivering bold action and immediate relief for American families."
Bull Rally Continues
Tech stocks boosted the Nasdaq to a 43.6% gain in 2020 for its fifth best year ever. The S&P 500 rose 16.3% and the Dow added 7.2%. Read The Big Picture for detailed daily market analysis.
On Nov. 4, after Election Day, IBD's market outlook returned to "confirmed uptrend" as the major indexes staged big rallies. That gave the green light to buy leading stocks that are breaking out of solid bases.
Meantime, Covid-19 cases continue to rise globally. Worldwide cumulative coronavirus cases have topped 96.8 million, with nearly 2.1 million deaths, according to Worldometer. In the U.S., confirmed cases since the beginning of the pandemic surpassed 24.8 million, with a death toll close to 412,000.
Dow Winners And Losers
Microsoft (MSFT), Apple (AAPL) and Salesforce.com (CRM) were the biggest Dow winners, up more than 3% each.
Microsoft stock leapt nearly 4% to retake its 50-day moving average. It's about 4% away from a 227.28 aggressive entry of a second-stage base. The software giant reports earnings Tuesday after the close. Microsoft is an IBD Leaderboard and IBD Long-Term Leader stock.
Apple, also a Leaderboard stock, gained 3.3%. It triggered the 7%-8% loss sell rule after falling 7% below a 138.08 traditional buy point. But Apple stock remains above a 125.49 alternate entry. A new handle buy point of 138.89 is also ahead. The iPhone maker will report earnings next Wednesday after the close.
Salesforce.com, up 3.1%, has been under selling pressure since it announced plans to buy Slack (WORK) in late November. But Salesforce has found support at its 40-week moving average, a longer-term support level.
Other blue chip winners included Visa (V), Nike (NKE) and McDonald's (MCD), up more than 2% apiece.
Dow losers included Procter & Gamble (PG), Goldman Sachs (GS) and JPMorgan (JPM), down more than 1% each.
Internet content, homebuilders, software and movie-related stocks led the upside among IBD's 197 industry groups. But banks, generic-drug makers and oil stocks lagged.
FANG Stocks Soar
In the movie-related group, Netflix (NFLX) gapped up and soared 17% to a new high. Shares cleared a 575.47 buy point of a seven-month-long base in heavy trade, according to MarketSmith chart analysis.
Late Tuesday, the movie streaming giant reported Q4 earnings that missed views. But Netflix added 8.51 million new subscribers, outpacing Wall Street's expectation for 6.5 million. It closed out 2020 with 203.66 million subscribers worldwide, up 22% from '19.
Fellow FANG stock Amazon (AMZN) jumped nearly 5% to retake its 50-day line. The internet giant's stock continues to consolidate. And Google parent Alphabet (GOOGL) leapt 5.4% to break out past a 1,843.93 buy point of a base-on-base pattern. Shares remain in potential buy range, which tops out at 1,936.13.
Over in the IBD 50, Digital Turbine (APPS) and Futu Holdings (FUTU) soared more than 10% each. ServiceNow (NOW) and Innovative Industrial Properties (IIPR) added over 3% apiece.
The Innovator IBD 50 ETF (FFTY) advanced 1% to a new high, despite pressure from Smith & Wesson (SWBI), Lam Research (LRCX) and Applied Materials (AMAT).
Follow Nancy Gondo on Twitter at @IBD_NGondo
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