Stock Market Rally; Dow Jones Gains 300 Points

The major stock indexes rallied squarely higher in today’s stock market action. The Dow Jones industrial average gained more than 300 points. After the stock market close, top restaurant stocks Texas Roadhouse (TXRH) and Wingstop (WING) will announce their quarterly results. Meanwhile, Dow Jones stock McDonald’s (MCD) is in buy range. (For updates on this story and other market coverage, visit the Stock Market Today.)


The Dow Jones industrials advanced 1.3%, while the S&P 500 moved up 1.6%. The tech-heavy Nasdaq also rose 1.5%.

Stock Market Earnings: Texas Roadhouse, Wingstop

Among companies reporting earnings, IBD 50 stock Texas Roadhouse will report late Monday. The restaurant is expected to earn 54 cents per share on revenue of $594 million. Shares are building a flat base with a 75.34 buy point, according to MarketSmith chart analysis. The stock rose 1.8% Monday.

Wingstop (WING) is fighting for support at its 50-day line ahead of its earnings results after the stock market close. Analysts estimate the firm’s earnings to come in at 20 cents per share on revenue of $38 million. Shares are still in the 20%-25% profit-taking level from a 55.96 flat-base buy point.

Dow Jones Stocks: McDonald’s In Buy Range

Dow Jones stock IBM (IBM) agreed to acquire software stock Red Hat (RHT) for $33.4 billion, or $190 per share — a 63% premium to Red Hat’s Friday close at 116.68. IBM shares declined almost 2% to hit a new 52-week low and are nearing the multiyear low set in February 2016 at 116.90.

Apple (AAPL) continued to wage war near its 50-day support level. Shares are just below that level after Monday’s more than 1% rise. The stock’s relative strength line is at a new high, displaying strong market outperformance.

Leaderboard stock McDonald’s looked to end a two-day losing streak with a 1.5% gain Monday. Shares are in the 5% buy range from a saucer with handle’s 172.10 buy point. The stock broke out on Oct. 23 after the fast-food chain reported strong earnings results.

IBD 50 Stocks Rally

Leading growth stocks were predominantly higher amid the stock market rally early Monday. On the upside, ServiceNow (NOW) gained 2% but remains below its long-term 200-day line.

Meanwhile, Viper Energy Partners (VNOM) moved up 0.5%. Shares are about 17% off their 52-week high amid three straight weekly declines.


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Originally posted 2019-09-19 23:23:50.


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