Dow Jones Surges As Republicans Offer Debt-Limit Extension; Apple,
The Dow Jones Industrial Average surged 500 points Thursday, as Senate Republicans offered Democrats a short-term debt-limit extension. Apple and Tesla stock rallied in morning trade.
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Among the Dow Jones leaders, Apple (AAPL) rallied 1.3% Thursday, while Microsoft (MSFT) moved up 0.7% in today’s stock market. American Express (AXP) and Merck (MRK) are near new buy points Thursday.
Tesla (TSLA) gained 0.5% Thursday morning, and is still just above its latest buy point. Elsewhere, Chipotle Mexican Grill (CMG) and Square (SQ) were stocks on the march higher in morning trade.
Among the top stocks to watch, Netflix (NFLX) and ServiceNow (NOW) are in or near new buy zones, although the market, for now, remains in a correction.
Microsoft, ServiceNow and Tesla are IBD Leaderboard stocks. American Express is an IBD SwingTrader stock. Netflix featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: Debt-Limit Extension
Early Thursday, the Dow Jones Industrial Average rallied 1.5%, while S&P 500 moved up 1.5%. The tech-heavy Nasdaq composite rose 1.7% in morning action.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34957.29 | +540.30 | +1.57 |
| S&P 500 | (0S&P5) | 4428.27 | +64.72 | +1.48 |
| Nasdaq | (0NDQC ) | 14748.16 | +246.25 | +1.70 |
| Russell 2000 | (IWM) | 224.13 | +4.26 | +1.94 |
| IBD 50 | (FFTY) | 47.77 | +0.94 | +2.01 |
Last Update: 10:37 AM ET 10/7/2021 |
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On Wednesday, Senate Republicans — headed by Minority Leader Mitch McConnell — offered to compromise on a short-term debt-limit extension, pushing out a possible showdown over the debt ceiling until December. “We’re making good progress; we’re not there yet, but I hope we can come to an agreement (Thursday) morning,” Senate Majority Leader Chuck Schumer commented.
Among exchange traded funds, Innovator IBD 50 (FFTY) rose 1.8%. Nasdaq 100 tracker Invesco QQQ Trust (QQQ) gained 1.55%. And the SPDR S&P 500 ETF (SPY) moved up 1.5%.
Stock Market ETF Strategy And How To Invest
Stock Market Rally Attempt
The Nasdaq and S&P 500 continue to rebound from Monday’s correction lows. On Monday, the Nasdaq closed at its lowest level since June 22, but is now on pace to extend a win streak to three sessions. Meanwhile, the Dow Jones Industrial Average is setting up for a key test of its 50-day line.
On Wednesday, The Big Picture commented, “The stock market gave more signs it may be coming out of its correction after the main indexes reversed higher Wednesday. Still, the market outlook is uncertain.”
Five Best Dow Jones Stocks To Watch Now
Dow Jones Stocks To Watch: American Express, Merck
Dow Jones leaders American Express and Merck are blue chip stocks to watch in today’s stock market action.
IBD SwingTrader stock American Express is approaching a 178.90 buy point in a cup with handle, according to IBD MarketSmith chart analysis. Shares rallied more than 1% early Thursday, and are about 2% away from the new entry.
Merck looked to bounce after…
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