The Dow Jones Industrial Average jumped, but the Nasdaq was strongest as stocks battled back. Twitter (TWTR) plunged into a move Tesla (TSLA) CEO Elon Musk. Warren Buffett Shares Occidental Petroleum (OXY) offered a rebound entry while Apple (AAPL) was a top blue chip.
The precipitated technology stocks were among the best-performing, with DocuSign (DOCU) to make a nice profit. ARK Innovation, a controversial ETF led by Cathy Wood, exploded 11%.
According to early data, volume fell on both the Nasdaq and the New York Stock Exchange. This is not ideal when a market is trying to rise.
Meanwhile, the 10-year Treasury benchmark yield rose 12 basis points to 2.94%. Oil rose again, with West Texas Intermediate crude rising 4% to over $110 a barrel.
Nasdaq soars as growth stocks excel
The Nasdaq was the leading index, rising 3.8%. EV maker Lucid Motors (LCID) was one of the best performers here, up 14.8%.
The S&P 500 closed the session with a strong gain of 2.4%. Enphase Energy (ENPH) impressed here with a gain of 12%.
US stock market overview today
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Last update: 4:08 PM ET 5/13/2022
The S&P sectors were all green. Consumer durables, technology and energy performed well. Utilities and health posted the weakest gains.
Small caps eventually hit back against the bears, with the Russell 2000 up 3.2%.
But it was growth stocks that had the best day. The Innovator IBD 50 ETF (FFTY), a model of growth stocks, closed with a gain of 3.9%.
Dow Jones Today: Index Jumps As Apple Stock Pops Up
The Dow Jones Industrial Average rose to close, making a gain of nearly 500 points. It ended the session with 1.5%. However, it has now fallen for seven consecutive weeks.
Apple stock was a winner on Friday as it rose 3.2%. Despite this, the stock ended the week at 6.5% according to data from MarketSmith.
But it was Nike (NKE) that was the biggest winner on the Dow Jones today. It shot up 4.7%.
Johnson & Johnson (JNJ) led the downtrend but fell only 0.6%.
Twitter Spanked On Elon Musk Move, Tesla Stock Rallies
Twitter stock stood out like 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 ominous news on the social media network.
Twitter deal temporarily suspended pending details to support calculation that spam/fake accounts do indeed represent less than 5% of users. eccentric executive tweeted†
However, he later added that he is “still committed” to the acquisition, which has become a major focus because of Musk’s views on free speech.
Twitter shares plunged 9.7%. It is now well below the 54.20 price Musk is offering to take the company privately. The price difference suggests an increasing risk that the acquisition will not close.
By contrast, EV shares of Tesla were up 5.7%. However, it remains rooted below its main moving averages. TSLA stock has been hit amid fears Twitter could distract Musk from the EV business.
Donald Trump SPAC Digital World Acquisition (DWAC), which will host the former president’s rival social media network Truth Social, rose 8.3%.
Cathy Woods ETF Vaults as technical rallies knocked down
Downed technology stocks were among the top winners on Friday. DocuSign made a huge impression when it jumped 13.4%. While eschewing its 50-day line, it was a top performer on the Nasdaq today.
Riskier names made the most of the day, with Teladoc Health (TDOC) jump 9.4% and Warren Buffett favorite Snowflake (SNOW) shoots up 12.4%.
Big tech was also winning. Microsoft (MSFT) increased by 2.2%; Amazon (AMZN) popped 5.7%, Facebook parent Metaplatforms (FB) up 3.9% and Google parent Alphabet (GOOGL) closed 2.8% higher.
The performance of knocked-down technology stocks has given a much-needed boost to the ARK Innovation ETF, which is led by Cathie Wood. But while it rose 11.9% on Friday, it remains 55% lower throughout the year.
One area outside of technology that took a notable step was casinos. They posted some of the best gains in the stock market today, including: Las Vegas Sands (LVS) and Wynn Resorts (WYNN) shines brightest with gains of 15% and 13.2%, respectively.
Outside of Dow Jones: Warren Buffett Stock Offers Entry
While it is risky to add stocks to your portfolio during a correction, a few energy names jumped out as they made bullish moves.
Warren Buffett stock Occidental Petroleum bounced off its 10-week moving average. This serves as an entry with an ideal buy point of 59.26. It is executable until 65.19.
The relative strength line was excellent through 2022 and appears to be moving higher again.
Legendary investor Warren Buffett is a big fan of the stock. his firm Berkshire Hathaway (BRKB) is now the company’s largest shareholder with a 15.2% stake.
Occidental is the largest acreage in the Permian Basin, located in Texas and New Mexico.
New Fortress Energy also presents a buying opportunity as it bounces bullishly off its 10-week line. The ideal entry here is 39.92 and it is on sale up to 43.91.
The New York-based company aims to change the energy market, with liquefied natural gas being a key part of its strategy. It operates in the US, the Caribbean, Europe and Latin America.
Both stocks secured a spot on the prestigious IBD Leaderboard list of leading stocks on Friday.
Follow Michael Larkin on Twitter at: @IBD_MLarkin for more information on growth stocks and analysis.
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