Leaderboard 728×90
Leaderboard 728×90

Dow Jones Jumps As Yields Plunge; This New Cathie Wood Buy Rockets; Bitcoin Rallies, Coinbase Jumps| Investor’s Business Daily

The Dow Jones Industrial Average powered higher as yields plunged. A Cathie Wood buy was surging as Biogen (BIIB) exploded higher. Coinbase (COIN) and Riot Blockchain (RIOT) jumped as Bitcoin rose. Apple (AAPL) dived on iPhone 14 demand worries.


Meanwhile, some noteworthy leaders made bullish moves. Vertex Pharmaceuticals (VRTX) and Cardinal Health (CAH) passed aggressive buy points, while Eli Lilly (LLY) attempted a breakout.

Volume was mixed, rising on the Nasdaq but dipping on the New York Stock Exchange vs. the same time Tuesday.

The yield on the benchmark 10-year Treasury note plunged 25 basis points to 3.71%. West Texas Intermediate crude oil rose more than 4% to trade at nearly $82 per barrel.

Bank Of England Move Slaps Yields Lower

U.S. stocks were boosted after the Bank of England stepped in amid the ongoing fallout from the latest British government spending plans.

It announced a 65-billion-pound bond-buying program that aims to calm the crisis, which has gripped government debt markets. It also postponed the start of its bond-selling program to tighten financial conditions in the country.

The pound moved higher vs. the dollar. It had plunged to a record low after the U.K. government unveiled a program of stimulative tax cuts.

“U.S. stocks are rallying after the BOE’s intervention tentatively halted the bond market sell-off,” Oanda senior market analyst Edward Moya said in a note to clients. “Some traders are growing confident that we are close to seeing the end of the Fed’s tightening cycle, but that is still too early to say.”

Nasdaq Gains, Small Caps Jump

The Nasdaq was faring best out of the major indexes as it rose 1.8%. The S&P 500 was not far behind with a 1.7% gain.

The S&P 500 sectors were all positive, with energy and communication services the best performers. Technology made the slimmest gain.

Small caps were giving the bears a black eye, with the Russell 2000 up nearly 3%.

The Innovator IBD 50 ETF (FFTY), a bellwether for growth stocks, fared even better as it gained just over 3%.

Dow Jones Today: Index Pops As Apple Stock…


Read More

About The Author

Related posts