The Dow Jones Industrial Average closed up amid a broad stock market rally, but small caps were the biggest winners. It comes as incumbent Donald Trump appeared to gain on Joe Biden as the presidential election gets set to come to a conclusion. A number of growth stocks also broke out.
XTrump Vs. Biden Gets Closer
The latest IBD/TIPP presidential poll suggests the race between former Vice President Joe Biden and President Donald Trump has tightened with just one day of the race to go. However it may not be enough for the incumbent to remain in office.
The Trump vs. Biden poll update finds the Democratic challenger leading the Republican incumbent by 3.2 points, 48.8%-45.6%, in a four-way presidential poll of likely voters. Biden's lead was 5.1 points on Sunday.
While Trump has widened his advantage among rural voters and nosed ahead among independents, the keys to a Biden victory remain in place. These include a lead among suburban voters back and a wide advantage among those who voted for a third party or didn't vote in 2016.
S&P 500 Gains, Nasdaq Slips
The S&P 500 closed up 1.2%. The tech-heavy Nasdaq made less impressive gains, rising by 0.4%, making it the worst-performing major index of the day. All three indexes remain adrift of their 50-day moving average.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 26924.46 | +422.86 | +1.60 |
| S&P 500 | (0S&P5) | 3310.14 | +40.18 | +1.23 |
| Nasdaq | (0NDQC ) | 10957.61 | +46.02 | +0.42 |
| Russell 2000 | (IWM) | 155.81 | +2.72 | +1.78 |
| IBD 50 | (FFTY) | 36.23 | +0.28 | +0.78 |
Last Update: 4:06 PM ET 11/2/2020 |
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Volume was lower than Friday's down day. It slipped almost 14% on the NYSE vs. Friday, according to early data. Trading slipped more than 9% on the Nasdaq. CAN SLIM investors prefer for volume to be higher on a up day.
Small caps were among the more impressive performers as they battled back gamely. The Russell 2000 closed up nearly 2%.
Most sectors were positive, with energy, materials and industrials leading. Technology, communication services and consumer discretionary were lower.
The Innovator IBD 50 ETF (FFTY) managed to eke out a gain, rising by around 0.8%. There were more winners than losers on the IBD 50. The best gainers included Digital Turbine (APPS), which rose 6.8%, Innovative Industrial Properties (IIPR), which gained 5.1% and Etsy (ETSY), which was up 4%.
Dow Jones Gains, Apple Stock Lags
The Dow Jones Industrial Average gained 1.6% as it staged a rally. It looked to gain after suffering its worst week and month since March last week.
The biggest blue chip winners included Honeywell International (HON), which rose 5.3%, Walgreens Boots Alliance (WBA), up 5.1% and Dow (DOW), also up 5.1%.
However, Apple (AAPL) was among the losers, though it slipped just 0.1%. The iPhone maker reported fiscal Q4 results that beat analysts' estimates late week. However, the stock has been falling amid a big revenue dip in China, where sales fell 29% to $7.95 billion.
These Stocks Break Out
A number of growth stocks managed to stage breakouts amid the positive action.
These included Chinese electric vehicle manufacturer Li Auto (LI). The IPO stock is in buy zone after breaking out of a cup-with-handle base in massive volume. The ideal entry point is 21.96. The stock has a solid Composite Rating of 84, though earnings are yet to materialize.
Sony (SNE) broke out of a third-stage cup base. Such later stage bases have a lesser chance of success. The ideal buy point is 84.25. The RS line hit a fresh high, which is encouraging, and volume was higher than average.
Finally Farfetch (FTCH) closed above a cup-with-handle buy point after breaking out. The ideal entry point was 28.91. Volume was well above average.
Big Stock Market Winners, Losers Balanced
A number of stocks made big price moves on unusually heavy volume, an important consideration for CAN SLIM investors. The number of winners and losers was finely poised.
Gainers included Lumber Liquidators (LL) jumped 16.4%, PerkinElmer (PKI) which inched up 2.4%, wood-alternative decking firm Trex (TREX), up 3.2% and First Solar (FSLR), which rose 2.1%.
Losers included Twitter (TWTR), which fell 4.6%, Coupa Software (COUP), which lost nearly 8%, Horizon Therapeutics (HZNP), down 1.7% and and telemedicine stock Teladoc Health (TDOC), which gave up 3.1%.
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November 03, 2020 at 04:35AM
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Dow Jones Jumps, Small Caps Lead As Trump Nears Biden Ahead Of Election - Investor's Business Daily
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