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Stock Market Rallies On Strong Jobs Report; Biotech Stock Biogen Soars

The stock market was squarely higher after the June jobs report showed better-than-expected payroll growth last month. Payrolls rose by 213,000 vs. Econoday’s 190,000 consensus estimate. Meanwhile, the unemployment rate rose to 4%. Wage growth came in softer than expected. Biotech stock Biogen (BIIB) soared 18% after positive drug-trial results. (For updates on this story and other market coverage, visit the Stock Market Today.)

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The S&P 500 moved up 0.3%, while the Dow Jones industrial average edged up 0.1%. Meanwhile, the tech-heavy Nasdaq advanced 0.6%, as it looked to end the week with an over-1% gain.

Among the Dow stocks, Apple (AAPL) moved up 0.7%, as it continues to see support at its 50-day line. Shares are in the 5% buy range from a double-bottom’s 179.04 entry, according to MarketSmith chart analysis.

On the downside, Caterpillar (CAT) fell by over 1% and continues to drastically underperform the broader market, as evidenced by a down-sloping relative strength line. Shares are well below their 50- and 200-day moving average lines.

Among the FANG stocks, Netflix (NFLX) was the top performer, moving up over 1%. Despite the recent market weakness, shares are still up about 29% from a flat base’s 338.92 entry.

Biotech stock Biogen (BIIB) soared 18% after the company reported positive results in its Alzheimer’s drug trial. The stock is climbing the right side of a large cup-shaped base that shows a 370.67 entry.

Electric automaker Tesla (TSLA) was on pace to extend a losing streak to five trading sessions early Friday, moving down about 0.7%. Shares are trying to find support near their 50-day line.

Inside The IBD 50

Among the top growth stocks, Ligand Pharmaceuticals (LGND) advanced 3%, as it approaches the 20%-25% profit-taking level from a 184.89 cup-shaped base buy point.

Meanwhile, Atlassian (TEAM) rose about 1%, as it looks for continued support around its 50-day line.

On the downside, Viper Energy Partners (VNOM) declined over 1% to fall further below its 33.73 cup-shaped base’s buy point. Shares briefly broke out Thursday before reversing lower to close down 0.7%.

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