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Apple Boosts Nasdaq In Stock Market Today, But Boeing Drags Dow

The Nasdaq outperformed in the stock market today as several big-cap tech stocks rallied. But Boeing (BA) exerted further pressure on the Dow Jones Industrial Average.

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The Nasdaq rose 0.4%, the S&P 500 added 0.3%, and the Dow industrials fell 0.4%. Small caps edged higher, with the Russell 2000 up nearly 0.1%. Volume was mixed, tracking lower on the NYSE but higher on the Nasdaq vs. Monday, according to preliminary numbers.

Boeing once again dragged down the Dow amid continued fallout from the Sunday crash of a 737 Max 8 jet operated by Ethiopian Airlines. That marked the second crash of the jet model in six months. Indonesia's Lion Air announced plans to cancel its 737 Max jet orders and switch to rival Airbus (EADSY). Shares sank 6% Tuesday, after Monday's 5% drop. The stock is now below its 50-day moving average.

UnitedHealth Group (UNH), up 1.4%, made the biggest advance on the Dow. Other blue chips rising about 1% included American Express (AXP), Visa (V) and Apple (AAPL). Visa remains in buy range after clearing a 150.29 buy point of a cup with handle on Monday. But volume has been tame.

Apple extended its gains for a third straight session. Wedbush Securities said Apple's upcoming streaming video service could reach 100 million subscribers within five years. Shares rose 3.5% Monday, after Bank of America Merrill Lynch lifted its rating and price target on the iPhone maker.

The Nasdaq got an assist from its three biggest-cap stocks, including Apple. Microsoft (MSFT) climbed 0.6%, also for a third straight advance. Shares are now slightly extended from a 108 handle entry and just crossed above a 113.52 alternate buy point.

Alphabet (GOOGL) rose 2%. The Google parent's stock is building the right side of a first-stage base.

Oil Rises In Stock Market Today

Energy, health care and gold miners were among the biggest sector gainers in the stock market today. But airlines, automakers and building-related stocks lagged.

Atlassian (TEAM) was one of the IBD 50's top movers with a near 2% pop to mark a new intraday high. Shares are extended after their first rebound off the 10-week line near 99.79, following a January breakout.

Other IBD 50 stocks scoring gains of 2% or more included NMI Holdings (NMIH), HeathEquity (HQY), Kirkland Lake Gold (KL) and Tencent Music Entertainment (TME).

Oil ETFs rallied. SPDR S&P Oil & Gas Exploration & Production (XOP) rose 2.5%, and VanEck Vectors Oil Services (OIH) added 1.6%. At 35% and 43% off their respective 52-week highs, XOP and OIH are still far from any proper buy points. However, ETFs often make their biggest moves on rebounds off their 50-day (or 10-week) lines.

The Innovator IBD 50 ETF (FFTY) climbed 0.4% in the stock market today.

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