The Dow Jones Industrial Average rallied 300 points Friday, as Bitcoin topped $60,000. Tesla stock looked to make five straight up days, while tech giants Advanced Micro Devices, Alphabet, Microsoft and Nvidia are stocks to buy and watch.
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Among the Dow Jones leaders, Apple (AAPL) rallied 0.6% Friday, while Microsoft (MSFT) moved down 0.3% in today’s stock market. Merck (MRK) and Salesforce.com (CRM) eyed new buy points in the current stock market rally.
Tesla (TSLA) gained 1.1% Friday, on pace to extend a win streak to five sessions.
Among companies reporting earnings, Goldman Sachs (GS) reported strong earnings results ahead of the market open.
Among the top stocks to buy and watch, Advanced Micro Devices (AMD), Alphabet (GOOGL) and Nvidia (NVDA) are in or near new buy zones.
Advanced Micro Devices, Microsoft and Tesla are IBD Leaderboard stocks. AMD was Wednesday’s IBD Stock Of The Day. Nvidia is an IBD SwingTrader stock. Microsoft and Salesforce featured in this week’s Stocks Near A Buy Zone column.
Dow Jones Today: Bitcoin Tops $60,000
The Dow Jones Industrial Average moved up 0.8% Friday, while S&P 500 rose 0.6%. The Nasdaq composite gained 0.5% in morning trade.
The price of Bitcoin briefly topped $60,000, according to Coindesk, spiking as high as $60,326 Friday morning. The Grayscale Bitcoin Trust (GBTC) rallied 4% Friday.
Among exchange traded funds, Innovator IBD 50 (FFTY) gained 0.5% Friday. Nasdaq 100 tracker Invesco QQQ Trust (QQQ) rose 0.3%. And the SPDR S&P 500 ETF (SPY) ascended 0.7%.
Stock Market Rally
The stock market rally strengthened Thursday with strong gains in a broad-based advance. The Dow Jones Industrial Average and S&P 500 both reclaimed their 50-day line.
This is an important day to read The Big Picture.
On Thursday, The Big Picture commented, “Positively, the Dow industrials and S&P 500 closed above their 50-day moving averages, while the Nasdaq will likely face a test of its 50-day moving average line in upcoming sessions. Further progress above these levels would provide more confidence in the nascent uptrend.”
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Dow Jones Earnings: Goldman Sachs
Dow Jones stock Goldman Sachs jumped 1.5% Friday morning after the company topped Wall Street earnings estimates ahead of the market open.
GS stock is tracing a flat base with a 420.86 buy point, according to IBD MarketSmith chart analysis. Shares are trying to regain their 50-day line in morning trade.
Dow Jones Stocks To Buy And Watch: Merck, Salesforce
Merck and Salesforce are top Dow Jones stocks to watch in today’s stock market action.
Merck rallied 0.3% Friday, looking to snap a five-day losing streak. Shares gave up their buy point Wednesday and are falling further below the entry. On Oct. 1, Merck stock broke out past a 79.33 buy point in a flat base after the company said its new Covid drug reduced the risk of hospitalization by half in a final-phase study.
Dow Jones software leader Salesforce is moving out of buy range past a 275.32 buy point in a cup with handle following a Sept. 23 breakout move. The 5% buy area goes up to 289.09. Shares rallied 0.3% Friday.
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Stocks To Watch: AMD, Alphabet, Nvidia
IBD Leaderboard stock Advanced Micro Devices is rapidly approaching a double bottom’s 114.59 buy point after bullishly regaining its 50-day line this week. AMD stock rallied 0.3% Friday morning.
According to IBD Stock Checkup, AMD stock boasts a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.
FANG stock leader Alphabet looked to add to Thursday’s 2.6% advance, moving up 0.2% Friday morning. The stock closed back above its 50-day line and broke above a short trend line. Meanwhile, shares are approaching a 2,925.17 buy point in a flat base, according to IBD MarketSmith chart analysis.
IBD SwingTrader stock Nvidia decisively reclaimed its 50-day line during Thursday’s nearly 4% advance, placing the chip giant in a new buy area. NVDA stock is tracing a consolidation with an official buy point at 230.53. The stock rose another 0.7% Friday. Bullishly, the stock’s relative strength line is nearing a new high, reaffirming the stock’s leadership status.
Join IBD experts as they analyze leading stocks in the stock market rally on IBD Live
Tesla Stock
Tesla stock rallied 1.1% Friday, on pace to make it five straight up days. TSLA shares are moving further above a 764.55 buy point in a cup with handle.
TSLA shares closed Thursday about 9% below record highs. On Jan. 25, Tesla stock hit a record high of 900.40, after climbing as much as 93% from a 466 buy point in a cup-with-handle pattern.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple added another 0.6% Friday following Thursday’s 2% gain. Apple stock remains below its 50-day line.
Software giant Microsoft lost 0.3% Friday, as the stock moves closer to its new buy point. A new flat base shows a 305.94 buy point.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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