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Today’s Stock Market: Dow Jones, Nasdaq Snap Back

The major indexes snapped back in today’s stock market. The Dow Jones industrial average rallied 150 points after falling 550 points Tuesday. Retail stock Foot Locker (FL) jumped 18% after its better-than-expected earnings results. (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 moved up 0.5% and 0.7%, respectively. The tech-heavy Nasdaq composite rallied 1.1%. On Tuesday, the Nasdaq composite breached its late October lows with a 1.7% decline. With the sustained weakness in the stock market, investors should be focusing on stocks with strong relative strength lines.

Stock Market Earnings: Retailers Higher

Among companies reporting earnings, Deere & Co. (DE) delivered weaker-than-expected earnings and sales before the stock market open. Shares had given up their 50-day line this week, but moved up more than 3% in morning trade.

Meanwhile, retail stocks Gap (GPS) and Foot Locker were sharply higher after their respective earnings results. Gap slashed its full-year profit outlook. Gap stock advanced 4.5%.

Foot Locker raced 18% higher after its better-than-expected earnings results late Tuesday. The stock is fighting to reclaim its 50- and 200-day moving average line, as it works on the right side of a new base formation.

Dow Jones Stocks: Nike Rises

Dow Jones stock Nike (NKE) rose 1.7% in morning trade. The blue chip retailer is below its 200-day moving average line after giving up the support level Monday.

On the downside, Johnson & Johnson (JNJ) declined 2.2%. The stock is testing its 143.23 saucer-with-handle buy point after a breakout on Nov. 7.

Can Tesla Continue To Outperform?

Electric automaker Tesla (TSLA) declined 1.5% after rising as much as 1.6% in morning trade. Tesla is about 4% below a 357.68 cup-with-handle entry, according to MarketSmith chart analysis. Tesla stock broke out on Monday, but closed below the buy point after being dragged down by the stock market sell-off. Still, the stock is acting relatively well compared to the stock market, as indicated by the strengthening RS line.

IBD 50 Stocks: Canada Goose Rallies

Among the leading growth stocks, Canada Goose (GOOS) moved up nearly 4%, but remains just below a double bottom’s 65.92 buy point. The outerwear retailer’s RS line is holding quite well despite the stock market volatility.

Meanwhile, Sprouts Farmers Market (SFM) fell over 2% early Wednesday, as the stock forms a flat base with a 29.77 buy point. The stock’s RS line hit a new high Tuesday.

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