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The Dow Jones Industrial Average rose 0.8% to session highs at 1:30 p.m. ET Wednesday as stocks held firm. Intel (INTC) was the clear leader among blue chips.
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The S&P 500 gained 1.2% and cleared the critical 4000 mark. Breadth was strong as all S&P sectors gained. The index is trying to retake its 50-day moving average. Payments company Paychex (PAYX) was an S&P 500 leader with a 6% gain.
The Nasdaq led with a 1.5% gain, getting some help from Lululemon (LULU). The stock surged after strong earnings. The tech index remains above its 50-day line but has yet to reclaim its recent high of 12,269.56.
NYSE and Nasdaq volume rose compared with the same time on Tuesday.
The small-cap Russell had a 0.5% gain.
Crude oil notched a small gain and traded at $73.44 a barrel.
The yield on the benchmark 10-year Treasury note was almost unchanged at 3.56%.
Dow Jones Stocks
Shares of Intel rose above their 200-day line, while Microsoft (MSFT) is back in a buy zone above a 276.86 entry. Apple (AAPL) is building a long base but is testing resistance around 160. McDonald’s (MCD) is also in a long base with a 281.77 entry.
Stocks Moving Today: Chip Stocks Gain
Chip stocks were among Wednesday’s leaders. Rambus (RMBS) rose above its buy point of 33.85 in heavy volume. The relative strength line also made new highs.
Aehr Test Systems (AEHR) is attempting to break out at 37.67 from a consolidation. Lam Research (LRCX) rebounded above its 50-day line. Shares are in a flat base with a buy point of 548.95.
Shares of Tesla (TSLA) rival Byd (BYDDF) rose after a strong fourth quarter. The Warren Buffett stock rose after signs that the Chinese EV maker is shaking off the price war Tesla set off earlier this year.
According to reports, BYD got 41% of “new energy” car sales in the world’s biggest auto market in January and February, compared to Tesla’s 8%.
BYD shares are testing potential resistance at their 50-day line as they build a base with a buy point of 34.04.
Workday (WDAY) broke out of a flat base with a buy point of 193.74.
Also outside Dow Jones, solar stock NexTracker (NXT) is in a buy zone from an IPO base with a 33.05 entry after today’s 3.5% rally.
Skyline Champion (SKY) is building a base with a buy point of 73.50. The modular-home builder’s relative strength line is nearing a 52-week high as well. SKY is on the IBD Leaderboard.
Pending home sales rose 0.8% in February despite rising interest rates, according to the National Association of Realtors.
Cathie Wood’s New Picks
Cathie Wood picked up three stocks under $5 for the ARK portfolios, in addition to Joby Aviation (JOBY).
Ark Autonomous Technology & Robotics ETF (ARKQ) bought Niu (NIU), which makes electric scooters, motorcycles and spare parts. Wood’s Ark Next Generation Internet ETF (ARKW) got Nextdoor Holdings (KIND). The San Francisco company allows users to connect with neighbors through an app.
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