Dow Jones completes a 400-point loss as Pavel confirms; Apple sells Pal, Tesla stocks but Disney rallies

Fed Chief Jerome Powell testified before Congress that the Dow Jones Industrial Average dived nearly 400 points as early as Tuesday.

Earlier Tuesday, Powell reiterated that the Fed is committed to “using our full resources to support the economy and to make the recovery as strong as possible from these difficult times,” helping the committee in a speech against Senate banking.

He commented that inflation and employment remain below the Fed’s objectives, indicating that a simple monetary policy is likely to remain in place.

Tech stocks boosted Nasdaq by 43.6% in 2020 for its fifth best year. The S&P 500 is up 16.3% last year and the Dow is up 7.2%. Read the big picture for a detailed daily market analysis.

US stock market observed today

Index Symbol Price Advantages / disadvantages Change%
Dow Jones (0 DJIA) 31402.65 -119.04 -0.38
S&P 500 (0s and p5) 3849.00 -27.50 -0.71
Nasdaq (0NDQC) 13257.37 -275.68 -2.04
Russell 2000 (IWM) 218.82 -4.91 -2.19
IBD50 (FFTY) 45.44 -2.04 -4.30
Last updated: 1:16 PM ET 2/23/2021

With the nationwide lockdown approaching the one-year mark, the Covid-19 epidemic is pushing the U.S. economy forward. But in some states vaccinations are starting and there are signs of hope that case plateau will begin.

According to WorldMeter, there are 112 million deaths worldwide, with approximately 25 million deaths in cumulative covid-19 cases. U.S. In, cases are now approaching 29 million with more than 13 million deaths, although the U.S. The number of new cases in has slowed dramatically in recent weeks.

Dow Jones losers and winners

Home Depot (HD) fell 4% in heavy trade Below its 50-day moving average, Big-B Home X home improvement retailers reported expected Q4 earnings and sales before opening.

Home Depot’s revenue rose 16% to ડો 2.65, including 9 cents a one-time cost of acquiring HD supplies. Revenue rose 25% to 32 32.26 billion. U.S. Sales at the same store grew 24.5%, with Comps up 25%.

Apple (AAPL) went down and dropped about 3% in heavy volume. Trading below its 0-day line last week. On February 18, when the handle cup fell more than 7% below the 138.89 buy point, Apple Pal shares started selling to cut the loss% -8%.

Others include losing the big blue chip Boeing (B.A.), Intel (INTC), Micro .ft (MSFT), Nike (NKE), (CRM) and Grains Boot Alliance (WBA), down more than 1.5% in each.

The Micro .ft is now down 232.96 by points and is close to testing its 50-day moving average line.

Disney (DIS) rallied to a new high of 2.6% in almost triple general trade. It is now expanding at a flat base of 183.50 by points, according to the Marketsmith chart analysis. The buy zone for Disney stock topped out at 192.68. Media and theme parks were featured in IBD Stock The F-Day on Monday.

Out of the down

Software, automaker and solar stocks led the decline in IBD’s 197 industry groups. Bank, utilities and hotel stocks had a few gains.

Maker in the Tomaker group, Tesla (TSLA) crashed 13% before splitting its losses to 5%. The stock broke its 50-day line on Monday for the first time in three months. It is in the process of extending its lost streak to four. On Sunday, the electric vehicle maker stopped taking orders for the cheapest version of the Model Y standard range sport utility vehicle.

Tesla stock is well-expanded with 466 by points of handled cups. It is now 25% below its January low of 900.40. Tesla is an IBD leaderboard stock.

Among other EV stocks, China Neo (NIO) and Expang (XPEV) lost a relative 8% and 5%. Neo streamlined its losses with a 17% dive as early as Tuesday. On Monday, the stock fell 8% to close below the 50-day line for the first time in 10 months.

Innovator IBD50 ETF (FFTY) dropped as much as 8% before finding support on its 50-day line. By noon, the stocks had reduced their losses by 4%. 360 Digitech (QFIN) sank 12%, while Tracks (TREX), Sirens (CRNC) and Meridian Bioscience (VIVO) lost more than 5% each.

Follow Nancy Gondo on Twitter @IBD_NGondo

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