The major stock indexes rallied early Wednesday after strong corporate earnings in today's stock market. The Dow Jones industrials gained more than 250 points to lead the stock market rally. Top growth stock Xilinx (XLNX) will report after the stock market close, while Dow Jones stock Walmart (WMT) was upgraded before the market open.
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The tech-heavy Nasdaq composite moved up 0.8%. The S&P 500 index gained 0.7%, while the Dow Jones industrials led the way with a 1.1% advance. (For updates on this story and other market coverage, visit the Stock Market Today page.)
Dow Jones Stocks: IBM, P&G, Walmart
Among the Dow Jones stocks, IBM (IBM) surged 8% at the stock market open, after beating the Street's Q4 estimates late Tuesday. IBM stock is moving up the right side of a long consolidation and is nearing its long-term 200-day line.
Procter & Gamble (PG) topped fiscal-Q2 earnings estimates early Wednesday. The Dow Jones stock rose nearly 6%, retaking the 50-day line and approaching a flat base's 96.99 buy point.
Walmart jumped almost 2% after Morgan Stanley upgraded the blue-chip retailer from equal-weight to overweight. The stock is back above its 50- and 200-day lines. Shares are nearing the 100 price level for the first since early December where they found resistance.
Stock Market Earnings: IBD 50 Stock Xilinx On Tap
Late Tuesday, TD Ameritrade (AMTD) announced better-than-expected quarterly earnings. Shares trimmed gains to just 0.5% to move further up the right side of a new base formation. The stock is about 12% off the 52-week high.
After the stock market close, IBD 50 stock Xilinx (XLNX) is due to report its quarterly earnings. Analysts expect the company to earn 85 cents per share on revenue of $771 million. The chip stock is about 5% away from a cup base's 95.28 entry. Shares moved up 0.5% in early trade.
Hot IPO Stock In Buy Range
Tencent Music Entertainment (TME) surged above an IPO base's 14.85 buy point Tuesday, closing just below the entry. The Chinese IPO stock picked up steam Wednesday with another 3% advance, retaking the buy point. The 5% buy zone tops out at 15.59.
Tencent Music's relative strength line hit a new high on the breakout day, confirming the stock's strength. The RS line measures a stock's price performance compared to the general market.
IBD 50 Stocks To Watch: Paycom Software Leads
Among the leading growth stocks, Paycom Software (PAYC) was one of the top performers with an over-2% gain. Shares extended a win streak to six trading sessions, as they moved further up the right side of deep cup-shaped base.
On the downside, Twitter (TWTR) dropped 4% to fall back below its 50-day moving average line. Shares found resistance at the 200-day line last week.
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