The Dow Jones Industrial Average is actively winning today as well as many stocks in the market. Meanwhile, coronavirus cases in the United States have exceeded 400,000
The Dow Jones rose nearly 800 points on Wednesday after Sanders’ decision to give up and quit his presidential campaign. The stock markets are also doing well today. Meanwhile, White House health adviser Anthony Fauci said the United States may see a slight epidemic outbreak next week and New York mayor Bill De Blasio revealed positive news. According to him, hospitalization rates for coronavirus in the city have started to stabilize.
Equity leaders like Apple Inc (NASDAQ: AAPL), Amazon.com Inc (NASDAQ: AMZN), Microsoft Corporation (NASDAQ: MSFT) and Tesla Inc (NASDAQ: TSLA) advanced as the new market rally continued. The Dow Jones Apple Index (AAPL) rose 2.13% at 12.59 am ET while Microsoft (MSFT) gained 0.96% at the same time. FAANG equity leader Amazon (AMZN) rose 0.91% while Tesla (TSLA) rose 0.65% despite initial gains on employee salary cuts.
Some of the best performing stocks on Dow Jones are also Raytheon Technologies Corp (NYSE: RTX) which tilted by 7.86%, Boeing Co (NYSE: BA) which increased by 5.41% and American Express Co (NYSE: AXP) which increased by 4.93%, all at 12.52 pm ET.
However, Sanders’ exit from the race was not exactly unexpected. Last month, a report claimed that Sanders would drop out of the 2020 race for the Democratic Party presidential candidate. Now the Vermont senator has paved the way for Joe Biden who will face President Donald Trump in November.
The Nasdaq Composite also reached new session highs in the midday trade, gaining 1.79% at 1:07 p.m. ET while the S&P 500 advanced 2.36%.
Among the exchange traded funds, the innovator IBD 50 (FFTY) gained 2.12% at 12.56 pm ET. At the same time, the Invesco QQQ Trust ETF linked to the Nasdaq 100 (QQQ) traded 1.57% above, and the SPDR S&P 500 (SPY) ETF increased by 2.35% at the same time.
New York state kills 6,268
New York State Governor Andrew Cuomo said 779 people had died from COVID-19 since yesterday, the highest daily number since the epidemic began. The total death toll is 6,268.
Cuomo said New York State will pay an additional $ 600 to everyone who has applied for unemployment, while extending the benefit period for an additional 13 weeks, for a total of 39 weeks.
New York mayor Bill De Blasio said Wednesday that hospital rates for coronavirus in the city have begun to stabilize, adding that New York is “now seeing some stabilization” in the COVID-19 pandemic.
However, the mayor warned that the city must “double” its efforts to contain the disease and “stick to strategies that work”, saying “it is too early” to draw “bigger conclusions” on the infection control.
FAANG and other stocks increase despite coronavirus
Facebook Inc (NASDAQ: FB) rose 2.12% to $ 172.40. We expect FB’s actions to take another hit when the company releases its results on April 22. Specifically, we expect FB to retest its annual low of $ 137, which would bring it to around 12% below April 3 levels, or could even drop if FB stocks continue to fall with the market at over the next two weeks.
Amazon shares rose 0.8% in midday trading as the e-commerce giant sought to extend its winning streak to three sessions. The leader FAANG goes up the right side of a cup base with a point of purchase of 2186.05, according to the analysis of the MarketSmith graph. Be on the lookout for a potential handful, reducing optimal entry to risk.
According to the IBD Stock Check, Amazon stocks have the best possible 99 IBD composite rating, placing it in the top tier of growth stocks. The composite rating is designed to help investors assess the quality of the fundamental and technical measures of a stock.
Tesla rose 0.56% at 1:14 p.m. ET. The electric automaker said it would cut employee wages and hourly layoffs until it plans to resume production on May 4, according to an internal email.
Among Dow Jones stocks, Apple stock rose 2.20%, while stock continues to climb on the right side of a new base. Still, no good buying point is clear, but the RS line of action is near new heights. The relative strength of a stock compares the performance of a share price to that of the S&P 500 index. Many mapping services plot RS Line with the share price, moving averages, etc. The line is derived by dividing the share price by the value of the S&P 500 index.
The software giant Microsoft rose 1.09% at the start of the session, as it continues its struggle to resume the 50-day line.
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