The major stock indices triggered a recovery on today's stock market. The Nasdaq had turned negative until New York Fed President John Williams stressed that the Fed's future rate hikes would be data-dependent and that the "hearing" of the stock market would be part of it.
But until 11:15 pm ET, the Dow Jones Industrial Average posted a gain of 300 points to 38. The blue-chip stock Nike (NKE) rose after strong earnings results. ( For information on this story and other market coverage, visit the Stock Market Today page.)
Key Stock Indices Climb to End the Turbulent Week
Dow Jones Industries gained 0.2%, after they had risen by 1.2%. and the S & P 500 index quenched 1% and was down 0.1%. The tech-heavy Nasdaq composite was down 0.8%. The Nasdaq fell into bear market on Thursday when it fell more than 20% from its highs before recovering.
The stock market sold off again in the afternoon and Thursday after the US Federal Reserve raised interest rates, continuing to reduce the size of its balance sheet. In the meantime, fears that the government would be shut down compounded the problems of the stock market. Early Friday it was reported that the US economy had grown at an annualized rate of 3.4% in the third quarter, slightly less than the consensus estimate of 3.5%.
New York Fed President John Williams said nothing special Fed Chairman and Fed Chairman Jerome Powell said Wednesday that his Friday comments on CNBC still seemed to calm markets.
The main stock indices reached new lows for the year with the stock market trend in correction mode. Investors should focus on stocks that hold the best value given the volatile action.
Stock market gain: Dow shares Nike rises
Dow Jones shares rose sharply after the close on Thursday. The company's results underscore the success of the retailer in North America with a "differentiated retail" strategy.
Nike stock gained 9% and is about to regain its 50- and 200-day moving averages, which are currently around the 74.50 price level. Nike stocks are moving up the right side of a new base after reaching a new seven-month low on Thursday. The relative strength of the stock is near a new high, indicating a significant outperformance of the market, a bullish technical metric.
Dow Jones Stocks: Intel and Apple Stock
Under the Dow Jones Stock Intel (INTC)) was one of the most successful names in the Dow 30. The chipmaker recorded a rally of 1, 5%, but stays below its 50-day average. The stock's RS line is improving, but the stock price is about 20% behind its 52-week high.
Meanwhile Apple (AAPL) gained 0.2% in today's stock market action. Apple shares fell 11% in the past 12 weeks, bringing the iPhone maker 33% off its all-time high.
IBD 50 Stocks: Xilinx Seeks Support
Among the leading growth stocks were the top chip stocks Xilinx (XLNX) attempted to stay above its 10-week line. Shares rose 0.1% on Friday. The RS line of the stock reached a new high this week, but the price eventually fell to sell off the general market.
Downward Atlassian (TEAM) reduced its early loss to 0.4%. The leading software warehouse is approaching a mug with 89.92 buy points of the handle after finding support on Thursday's 50-day line. The RS line reached a new high on Thursday as the stock shook the market's weakness and gained 1.5%.
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