Disney Stock Fuels Dow Jones Rally; Hot IPO Jumia Jumps In Debut

The stock market held decent gains late in Friday’s session on a busy day of headlines. JPMorgan stock and Disney stock helped fuel a nice gain in the Dow Jones today, while Jumia Technologies (JMIA) had a strong IPO debut.




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The Dow Jones today was up 0.9%, the S&P 500 rallied 0.6% and the Nasdaq composite picked up 0.4%. Small caps lagged a bit, with the Russell 2000 up 0.3%.

JPMorgan (JPM) gapped above its 200-day moving average, rising 4% on strong earnings. But Wells Fargo (WFC) reversed lower after an early gain, falling nearly 3%.

Disney Stock Surges

Shares of Walt Disney (DIS) surged 11% after the company debuted its Disney+ video streaming service with a monthly price point of $6.99. Wall Street liked the look of the service, which rattled Netflix (NFLX) shareholders. Netflix stock slumped below its 50-day moving average, falling 4%, ahead of Tuesday’s earnings report.

Dow (DOW) stock was another top gainer in the Dow Jones today, up nearly 6%. It looked poised to end a five-session slide that saw shares lose 8%. Dow stock started trading on April 2. It replaced DowDuPont in the blue-chip index, following the firm’s breakup into three smaller companies.

Dow component Chevron (CVX) slumped 5% on news it’s acquiring Anadarko Petroleum (APC) for $33 billion in cash and stock. Shares of Anadarko jumped 32%. Energy Select Sector SPDR (XLE) edged higher to 67.55. The exchange traded fund has been rallying with the stock market since late December, but its 200 day-moving average just below 69 is a potential resistance level to watch.

In IPO news, Jumia Technologies (JMIA) jumped 56% to 22.64 after pricing last night at 14.50. Jumia is widely regarded as the “Amazon of Africa.”

Growth Stocks On The Move

Tallgrass Energy (TGE) was a nice gainer in the IBD 50, up 2.5% to 25.25. It’s just below a 26.06 buy point.

Fortinet (FTNT), another IBD 50 name, was poised for its six straight gain after a breakout from a cup-with-handle base. Shares rose 3% to 92.54. It’s still in buy range from the 88.70 entry.

Inside the MarketSmith Growth 250, enterprise software stock Wix.com (WIX) popped above a 123.34 cup-with-handle buy point. Shares were up 3.5% to 125.82.

Please follow Ken Shreve on Twitter @IBD_KShreve for additional market analysis and insight.

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