The Dow Jones industrials soared nearly 400 points in afternoon trading in the stock market today amid a flurry of news.
XPresident Trump announced a meeting with China's President Xi, the European Central Bank signaled willingness to add stimulus, and the Fed kicked off its two-day meeting.
The Dow Jones index rallied 1.5%, the Nasdaq composite leapt 1.6% and the S&P 500 advanced 1.1%. Small caps joined in on the action with the Russell 2000 up 1.3%. Volume ran sharply higher on both the NYSE and Nasdaq vs. the same time Monday.
The three key indexes showed definitive support at their 50-day lines as they gapped up at the open and continued higher throughout the session.
Twenty-five of the Dow Jones' 30 components stocks advanced. Boeing (BA) boosted the blue chip index with a 5% lift as the stock soared back above its 50-day moving average for the first time in three months. Apple (AAPL), Caterpillar (CAT), Intel (INTC), Nike (NKE) and 3M (MMM) contributed gains of about 3% each.
Apple rose 2.6% to make its first solid push above its 50-day line. That's despite a downbeat report from KeyBanc Capital Markets regarding Apple's iPhone sales prospects. Caterpillar jumped 2.9% to retake its 50-day for the first time since early May.
Chips Rally In Stock Market Today
Solar, steel and chip stocks led the upside among industry group winners in the stock market today. Mostly defensive groups such as food and utilities were lower.
Universal Display (OLED) led the IBD 50 with a 7% pop, clearing a 177.05 buy point of a six-week cup with handle. Xilinx (XLNX) also surged 7% as it continues to find support above its 200-day line. The chip designer on Tuesday began its first shipments of Versal ACAP, which it says is the industry's first adaptive compute acceleration platform.
Other big IBD 50 gainers included marijuana REIT Innovative Industrial Properties (IIPR), up 6% to a new high, and China software maker Baozun (BZUN), up 5%. Baozun is featured in today's IBD 50 Stocks To Watch column.
The Innovator IBD 50 ETF (FFTY) gapped up and rose 1.5% in today's stock market.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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