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Dow Jones, Apple Stock Lead Stock Market Rally

The major indexes were squarely higher in today’s stock market action with the Dow Jones industrial average rising nearly 150 points. Early Wednesday, revised Q3 GDP increased at an annualized rate of 3.5% — slower than Q2’s 4.2% rate — but in line with estimates. Meanwhile, investors await Fed Chair Jerome Powell’s speech at the Economic Club of New York for clues regarding future monetary policy. Apple stock gained 1% in early trade, while American Express (AXP) was breaking out above a buy point. (For updates on this story and other market coverage, visit the Stock Market Today.)




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The Dow Jones industrials and the S&P 500 index gained 0.5% and 0.3%, respectively. The tech-heavy Nasdaq composite moved up 0.5% in morning action. Last week, the Nasdaq composite breached its late-October lows with a 1.7% decline, sending the market trend back into a correction. With the sustained weakness in the stock market, investors should be focusing on stocks with strong relative strength lines. Investors should now be on the lookout for a potential follow-through day giving the green light to be begin buying stocks.

Apple Stock, American Express Pace Dow Jones Industrials

Dow Jones stock Apple (AAPL) moved up over 1%, as analyst firm Wedbush cut its price target on the stock from 310 to 275. Wedbush analyst Daniel Ives commented that Apple will need to seriously contemplate changes for the next cycle of iPhones.

Apple stock is trying to find a potential bottom after falling as much as 27% off its 52-week high. Shares are well below their 50- and 200-day moving average lines after November’s more-than-20% decline.

American Express is breaking out above a cup with handle’s 110.48 buy point, according to MarketSmith chart analysis. Shares moved up almost 1% and are in buy range. Bullishly, the payment processor’s relative strength line is at a new high.

Stock Market Earnings: Salesforce.com, Tiffany

After the stock market close Tuesday, software leader Salesforce.com jumped 5% after beating the Street’s quarterly estimates and issuing strong 2020 revenue guidance. The software stock is trying to regain its long-term 200-day moving average line, as it moves up the right side of a new base structure.

Tiffany (TIF) reported better-than-expected Q3 earnings early Wednesday, but the high-end jeweler’s revenue and same-store sales missed analyst targets. The stock sunk 9% and is now nearly 35% off its 52-week high set on July 26.

IBD 50 Stocks: Software Stocks Lead

Among the leading growth stocks, software stocks ServiceNow (NOW) and Veeva Systems (VEEV) were boosted by Salesforce’s earnings beat in morning trade. ServiceNow moved up 4%, while Veeva advanced about 4%.

ServiceNow is approaching its 200-day line after falling as much as 28% from its 52-week high on Nov. 20.

Veeva Systems is looking to recover above its 50-day line, which it has been trading under since early October.

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