Dow Jones Rallies; Microsoft Stock Up As It Makes China Move; Boeing

The Dow Jones Industrial Average jumped amid a broad rally on jobs data and a strong start to earnings season. Microsoft (MFST) gained as it moved to shut down LinkedIn in China. Boeing (BA) took a dive on more Dreamliner woes, while Taiwan Semiconductor (TSM) earnings helped Nvidia (NVDA) and Advanced Micro Devices (AMD) gain.

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A number of stocks were making bullish moves, including Snowflake (SNOW) and Upstart (UPST). Primerica (PRI), Baker Hughes (BKR) and Clearfield (CLFD) passed buy points.

Stocks were boosted after the Labor Department reported first-time applications for unemployment assistance decreased to 293,000 in the week ended Oct. 9. This was a 10% drop on the prior week. It was also under economists consensus projection for 320,000 claims.

This marked a second straight decline in weekly applications. It was also the lowest tally since March 2020, just as the pandemic got underway.

Nasdaq Leads Amid Broad Gains

The Nasdaq was leading the way with a gain of about 1.6%. Okta (OKTA) stood out, thanks to a gain of more than 4%.

The broader S&P 500 index was not far behind however, rising about 1.5%. APA (APA) was one of the standouts here, rising more than 5%.

The S&P 500 sectors were all green, with technology and materials leading. Energy was posting the slimmest gains.

Small caps were also doing well, with the Russell 2000 up 1.3%.

Growth stocks were benefiting from the bull charge, too. The Innovator IBD 50 ETF (FFTY) was up 1.2%.

Dow Jones Today: Microsoft Stock Gains On China Move

The Dow Jones Industrial Average was up more than 500 points, gaining about 1.5%.

Microsoft stock was up almost 2% after the company said it will close its LinkedIn site in China amid stricter internet censorship in the communist country.

It will instead launch a new China-specific website named InJobs, later in 2021. It will be a job searching tool stripped of LinkedIn’s social media features.

In a blog post, Microsoft said it has faced a “significantly more challenging operating environment and greater compliance requirements in China.”

It marks the end of an era, as LinkedIn was the final major American social network operating in the totalitarian state.

But it was Walgreen Boots Alliance (WBA) that was the top performer on the Dow Jones today. It was up more than 7% after EPS of $1.17 came well clear of analyst estimates.

It managed to blast through its 50-day and 200-day moving averages in massive volume.

Boeing Dips On 787 Dreamliner Woes

Boeing stock was the worst performer on the Dow Jones Thursday. It was slapped around 1.5% lower on new Dreamliner production problems.

Reports said certain titanium parts for the 787…