Dow Jones Turns Lower On Senator Manchin Comment While Nasdaq Leads, Hits New High

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The Dow Jones Industrial Average gave back the day’s early advance and traded moderately lower in today’s stock market after the major indexes all hit fresh record highs the day prior. Meanwhile, the Nasdaq led the market Friday and reached another new all-time high before surrendering virtually all of its session gains.


The Labor Department said Friday nonfarm payrolls fell by 140,000 as the surging coronavirus pandemic continues to hinder the economy. That was sharply below consensus estimates for a 50,000 increase, according to Econoday. The unemployment rate held steady at 6.7%.

Stocks slid from their highs of the day at around 1 p.m., ET on Friday. The sell off came shortly after Sen. Joe Manchin said “absolutely not” to another round of $2,000 stimulus checks. “Getting people vaccinated, that’s job No. 1.”

Technology stocks led Friday’s gains as the Nasdaq rose 0.1% after hitting a new high of 13,193. The Dow Jones fell 0.6% while, the S&P 500 declined 0.2%. The Russell 2000 small-cap index was down 0.9%. Volume was mixed, trading higher on the Nasdaq but lower on the NYSE vs. the same time on Thursday.

The Innovator IBD 50 ETF (FFTY) initially showed a strong gain of 1.4%, beating the major indexes, but its rally got hacked to around 0.1%. The growth-focused index was boosted by leaders like Futu Holdings (FUTU) and Chegg (CHGG), which gained 15% and 5%, respectively.

Among the Dow Jones leaders, McDonald’s (MCD) and Chevron (CVX) at one point gained more than 1%. Elsewhere, tech leader (CRM) and health care stock Amgen (AMGN) initially rose 1.3% each.

Finally, Tesla (TSLA) surged as much as 8% Friday and hit another record high of 884, after unveiling a new Model Y.

Beyond Dow Jones: Stocks To Watch

Several key stocks remain near buy points including diversified medical stock Danaher (DHR) and medical products developer Repligen (RGEN).

Danaher stock is currently 2% away from a 248.42 cup-based buy point. The stock maintains a strong Composite Rating of 93 and an EPS Rating of 93 as well. Shares regained their 50-day moving average earlier this week, a bullish sign.

Repligen, which found strong support at the 10-week line earlier this week, is nearing a 212.65 buy point. According to IBD Stock Checkup, the stock maintains a Composite of 98 and a 86 RS Rating, alongside a rising RS line.

IBD Leaderboard stock Advanced Micro Devices (AMD) is nearing the buy zone from an alternate entry of 96.47, according to IBD MarketSmith chart analysis. Shares were down slightly on Friday after surging over 5% on Thursday.

According to Leaderboard analysis, “AMD is trying to find support around the 90 price level. The new base is late stage, which carries higher risk. The relative strength line is acting well enough.”

Follow Rachel Fox on Twitter at @foxonstocks for more market insight and Dow Jones commentary. 


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