dow-jones-rally-led-by-cisco-systems;-moderna-soars-7%,-tops-nasdaq-100-performance

Dow Jones Rally Led By Cisco Systems; Moderna Soars 7%, Tops Nasdaq 100 Performance

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The Dow Jones Industrial Average, S&P 500 and Nasdaq composite showed modest gains in afternoon trading, with the Dow Jones and S&P 500 poised for their fourth straight weekly gain. Cisco Systems (CSCO) was a top gainer in the Dow Jones today, helped by an analyst upgrade.

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Alexion Pharmaceuticals (ALXN) led the Nasdaq 100. AstraZeneca (AZN) is in the process of acquiring Alexion. The merger took another step forward after the Federal Trade Commission ruled in favor of the deal.

Coronavirus vaccine maker Moderna (MRNA) was another top gainer in the Nasdaq 100, up more than 7%. MRNA is forming the right side of a cup base.

Dow Jones Today

The Dow Jones was up 0.2%. Besides Cisco Systems, other Dow stocks outperformed, including Home Depot (HD), Verizon (VZ) and Johnson & Johnson (JNJ).

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 34118.23 +82.24 +0.24
S&P 500 (0S&P5) 4177.23 +6.81 +0.16
Nasdaq (0NDQC ) 14029.53 -9.23 -0.07
Russell 2000 (IWM) 223.59 -0.70 -0.31
IBD 50 (FFTY) 45.81 -0.01 -0.02
Last Update: 1:16 PM ET 4/16/2021

The Nasdaq composite edged lower by 0.1% and the S&P 500 inched up 2%. Volume on the NYSE and Nasdaq was slightly higher compared to the same time Thursday.

The S&P 500 suffered a mild distribution day Wednesday. The higher-volume decline came after a tame distribution day for the Nasdaq composite on Monday. Read The Big Picture column every day to monitor signs of institutional buying and selling in the indexes.

Pinterest Takes A Hit

Despite mild gains for the stock indexes, several leading growth stocks came under selling pressure. Pinterest (PINS) fell hard to its 50-day moving average after Wednesday’s downside reversal.

The Innovator IBD 50 ETF (FFTY) held up relatively well, despite sharp losses for Pinterest, PLBY Group (PLBY), Snap (SNAP) and Novocure (NVCR).

Snap gave back nearly 5% ahead of next week’s earnings report. Results are due Thursday after the close. Snap was featured in the latest Earnings Preview story, along with Freeport McMoRan (FCX).

Inside the MarketSmith Growth 250, Floor & Decor (FND) is back in buy range after a two-day pullback. Shares were up 3%.

But Bitcoin-related stocks took heat, with Marathon Digital (MARA) and Riot Blockchain (RIOT) both down 7%. Bitcoin traded lower by 2.5% to $61,700.

Lattice Semiconductor (LSCC) and Progyny (PGNY) gapped up on news both firms are joining the S&P MidCap 400 index.

Follow Ken Shreve on Twitter @IBD_KShreve for more stock market analysis and insight.

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