The Dow Jones Industrial Average surged, but the Nasdaq shone the brightest as stocks fought back. Twitter (TWTR) dove on a move by You’re here (TSLA) CEO Elon Musk. Warren Buffett Stock western oil (OXY) offered a bounce entry while Apple (AAPL) was one of the best blue chips.
Beaten tech stocks were among the best performers, with DocuSign (DOCU) making a nice gain. ARK Innovation, ticker symb=ARKK]a beleaguered ETF led by Cathy Wood, exploded 11% higher.
Volume was down on both the Nasdaq and the New York Stock Exchange according to early data. This is not ideal when a market is trying to rally.
Meanwhile, the yield on the benchmark 10-year Treasury bond jumped 12 basis points to 2.94%. Oil surged again, with West Texas Intermediate crude rising 4% to over $110 a barrel.
Nasdaq soars as Excel growth stocks
The Nasdaq was the top major index, up 3.8%. EV manufacturer Lucid Engines (LCID) was one of the best performers here, up 14.8%.
The S&P 500 ended the session with a strong gain of 2.4%. Enphase Energy (ENPH) impresses here with a gain of 12%.
Overview of the US stock market today
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Last Updated: 4:08 PM ET on 05/13/2022
S&P sectors were all green. Consumer Discretionary, Technology and Energy performed well. Utilities and healthcare made the smallest gains.
Small caps eventually resisted the bears, with the Russell 2000 jumping 3.2%.
But it was growth stocks that had the best day of all. The Innovator IBD 50 ETF (FFTY), a benchmark for growth stocks, closed with a 3.9% gain.
Dow Jones today: Index jumps as Apple shares break out
The Dow Jones Industrial Average rallied at the close with a gain of almost 500 points. It ended the session up 1.5%. It has now dropped for seven straight weeks.
Apple stock gained 3.2% on Friday. Nevertheless, the stock ended the week down 6.5% according to data from MarketSmith.
But it was Nike (NKE) which was the biggest gainer in the Dow Jones today. It jumped 4.7%.
Johnson & Johnson (JNJ) led the decline, but fell only 0.6%.
New market rally underway: get ready, get ready, but don’t go just yet
Twitter Spanked Over Elon Musk Move, Tesla Stock Rallys
Twitter stock stood out as a sore thumb among tech stocks as it was hammered lower.
It came after Tesla CEO Elon Musk, who is trying to buy the company, shared potentially worrying news on the social media network.
“The Twitter agreement is temporarily suspended pending details supporting the calculation that spam/fake accounts do indeed represent less than 5% of users,” said the quirky executive tweeted,
However, he later added that he was “still committed” to the acquisition, which became a major focus due to Musk’s views on free speech.
Twitter stock plunged 9.7%. It is now well below the price of 54.20 offered by Musk to privatize the company. The price disparity suggests a growing risk that the takeover will not be finalized.
In contrast, Tesla EV stock surged, up 5.7%. It remains rooted below its major moving averages, however. TSLA stock took a hit amid fears Twitter could distract Musk from the electric vehicle sector.
Donald Trump SAPS Acquisition of the digital world (DWAC), which will house the former president’s rival social media network, Truth Social, rose 8.3%.
Cathy Woods ETF Vaults as Tech Rallies Beat
Beaten tech stocks were among the top gainers on Friday. DocuSign impressed strongly as it jumped 13.4%. Although it remains below its 50-day line, it was one of the best performers on the Nasdaq today.
The riskiest names did the best for the day, with Teladoc Health (TDOC) jumping 9.4% and favorite of Warren Buffett Snowflake (SNOW) up 12.4%.
Big tech was also winning. Microsoft (MSFT) rose 2.2%; Amazon (AMZN) jumped 5.7%, parent Facebook Metaplatforms (FB) jumped 3.9% and Google’s parent company Alphabet (GOOGL) closed up 2.8%.
The performance of downed tech stocks gave a much-needed boost to ETF ARK Innovation, led by Cathie Wood. But while it rose 11.9% on Friday, it remains down 55% for the year.
One area outside of technology that has taken a notable step forward is casinos. They’ve made some of the best gains in the stock market today, with the likes of Las Vegas Sands (LVS) and Wynn Resorts (WYNN) shines the brightest with gains of 15% and 13.2% respectively.
Outside of Dow Jones: Warren Buffett Stock Offers Entry
Although it is risky to add stocks to your portfolio during a correction, a few energy names have stood out by making bullish moves.
Warren Buffett’s Occidental Petroleum stock was moving away from its 10-week moving average. This serves as an entry with an ideal buy point of 59.26. It is workable up to 65.19.
The relative strength line was exceptional until 2022 and seems to be on the rise again.
Legendary investor Warren Buffett is a big fan of the stock. His company Berkshire Hathaway (BRKB) is now the largest shareholder in the company with a 15.2% stake.
Occidental is the largest area holder in the Permian Basin, located in Texas and New Mexico.
New Fortress Energy also offers a buying opportunity as it bounces higher off its 10-week line. The ideal entry here is 39.92 and it is buyable down to 43.91.
The New York-based company aims to change the electricity market, with liquefied natural gas as a key part of its strategy. It operates in the United States, the Caribbean, Europe and Latin America.
Both stocks gained places on the prestigious IBD Leaderboard list of top stocks on Friday.
Please follow Michael Larkin on Twitter at @IBD_MLarkin to learn more about growth stocks and analysis.
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