Dow Jones Leads Stock Market Rally; Marijuana Stock Surges

The major stock indexes were squarely higher early Friday to cap off the week with solid gains. The Dow Jones industrials gained more than 250 points in today’s stock market. Top marijuana stock Canopy Growth (CGC) was volatile after its quarterly earnings results.


Current Stock Market Action

The tech-heavy Nasdaq composite moved up 0.3%, while S&P 500 gained 0.8% in morning action Friday. The Dow Jones industrials advanced 1.1%. The Nasdaq and Dow Jones industrials are set to rise for an eighth consecutive week. Meanwhile, the S&P 500 has advanced seven of the past eight weeks.

The Nasdaq and S&P 500 are trading right at their long-term 200-day moving average lines, potential resistance areas. (For updates on this story and other market coverage, visit the Stock Market Today page.)

Dow Jones Stocks: JPMorgan Leads, Apple Lags

Among the Dow Jones stocks, JPMorgan (JPM) was one of the top performers with an better than 2% gain in morning trade Friday. The stock is rallying from support at its 50-day line.

On the downside, Apple (AAPL) edged lower, the only Dow stock in negative territory in early morning trade. Apple stock remains about 27% off its 52-week high.

Stock Market Earnings: Canopy Growth, Nvidia In Focus

Graphics-chip maker Nvidia (NVDA) gained 2% after it posted mixed Q4 results late Thursday. Nvidia stock remains well off its 52-week high, but reached its highest level since early December.

Fellow chip stock and Leaderboard member Xilinx (XLNX) traded just off new highs Friday with a modest 0.5% gain. Xilinx stock is nearly 25% above a 95.28 buy point after it staged a breakaway gap on Jan. 24.

Late Thursday, marijuana stock Canopy Growth reported fiscal-Q3 earnings results that missed some estimates. Still, the stock jumped as much as 8.1% before paring gains to about 2%. Shares are nearing an abnormally-deep cup with handle buy point at 51.91. At its lows, Canopy Growth declined as much as 57% from its 59.25 peak.

Cronos Group (CRON), Tilray (TLRY) and Aurora Cannabis (ACB) were sharply mixed in the wake of Canopy’s results. Cronos moved up 2%. Tilray and Aurora were mostly unchanged.

Top Growth Stocks To Watch: Trade Desk

Among the IBD 50 stocks, Trade Desk is nearing a double bottom with handle’s 157.60 entry in today’s stock market, moving up nearly 1%. The IPO Leader is about 2% away from the potential entry. The latest entry is the result of the most recent pullback that saw the stock trigger the 7%-8% loss-cutting sell signal from a 149.10 buy point.

According to the IBD Stock Checkup, Trade Desk is the top-ranked stock in the Commercial Services-Advertising industry with a 98 out of a highest-possible 99 IBD Composite Rating. The Composite Rating is a blend of key fundamental and technical metrics to help investors gauge the strengths of a company.


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Originally posted 2019-09-19 23:34:02.


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