Stock Market News: Nasdaq Soars On Jobs Data, Powell Comments

The stock market got what it wanted from Fed Chairman Jerome Powell on Friday as major stock indexes stepped up their already bullish gains near midday. In stock market news today, Netflix (NFLX), PayPal (PYPL) and Etsy (ETSY) all surged, helped by positive comments from Goldman Sachs.


The Nasdaq composite led the way, up 3.8%; the Dow Jones industrial average swung 2.8% higher and the S&P 500 advanced 2.9%. Volume on the NYSE was tracking slightly higher than Thursday. Nasdaq volume was slightly lower but seemed to be strengthening. (For updates on this story and other market coverage, visit the Stock Market Today page.)

Powell spoke Friday morning in Atlanta, on a panel with former Fed Chairs Janet Yellen and Ben Bernanke. He offered a more dovish and flexible policy outlook than what the market first heard after the Dec. 19 rate hike.

In other stock market news, money drained out of bonds and into stocks, sending the 10-year Treasury yield up 10 basis points to 2.66%.

Stock Market Movers

Shares of Netflix jumped 7% and PayPal 4% after Goldman Sachs called both “the best risk/reward propositions in the Internet space.” Netflix is back above the 50-day moving average, but its 200-day line around 332 is a potential resistance level to watch. PayPal is still in a long consolidation but only 8% off its high.

Shares of Etsy jumped 7% to 49.23 after Goldman upgraded shares to buy and raised its price target to 54.

Jobs Report Impresses

Positive sentiment was also fueled by a strong December jobs report. The economy created 312,000 jobs, with average hourly wages up 3.2%, the best since 2009. The strong jobs report was good to see on the heels of a weak reading from the ISM manufacturing index Thursday.

In the stock market today, heavy-volume gainers included Veeva Systems (VEEV). Shares were up 6% as the software name tries to reclaim its 50-day moving average. It’s still 17% off its high.

Also in the software space, Twilio (TWLO) was a top gainer in the MarketSmith Growth 250, up more than 8%. Two other software stocks were up nicely Friday and boast bullish charts: Workday (WDAY) and Tableau Software (DATA). Workday and Twilio are members of the Leaderboard watch list.

Stock Market News: IBD 50 Gainers

Inside the IBD 50, nearly half the stocks on the list rose 4% or more, but the moves did little to help damaged charts. Shares of Trade Desk (TTD) jumped 8.4%, but it’s still below the 50-day moving average.

ServiceNow (NOW) and Green Dot (GDOT) were other top gainers as both try to poke through resistance.


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Originally posted 2019-09-19 23:30:00.


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