The Dow Jones Industrial Average rallied 150 points, as Treasury Secretary Janet Yellen backed off from rate-hike comments. Dow Jones leader Apple and Tesla stock looked to rebound from Tuesday's sharp losses.
XAmong the Dow Jones leaders, Apple (AAPL) rallied 1% Wednesday, while Microsoft (MSFT) moved up 0.5% in today's stock market. Goldman Sachs (GS) is trading just off a new buy point.
Tesla (TSLA) gained nearly 1% Wednesday morning, recovering a large part of Tuesday's 1.65% decline. General Motors (GM) reported strong earnings results ahead of the stock market open.
Among the top stocks to buy and watch, Carvana (CVNA) and MarineMax (HZO) are near new buy zones.
Microsoft is an IBD Leaderboard stock. Carvana was Tuesday's IBD 50 Stocks To Watch pick, while MarineMax was Monday's IBD Stock Of The Day. Apple and Goldman Sachs were featured in this week's Stocks Near A Buy Zone column.
Dow Jones Today: Yellen Comments
The Dow Jones Industrial Average traded up 0.4% after briefly turning lower Wednesday morning, while the S&P 500 moved up 0.5%. The tech-heavy Nasdaq composite rallied 0.6% in midday trade.
Late Tuesday, Treasury Secretary Janet Yellen attempted to walk back from her rate-hike comments, saying she's "not predicting or recommending" rate hikes. She also commented, "I don't think there's going to be an inflationary problem," at a CEO event organized by the Wall Street Journal.
On Tuesday, Yellen commented, "It may be that interest rates will have to rise somewhat to make sure that our economy doesn't overheat. Even though the additional spending is relatively small relative to the size of the economy, it could cause some very modest increases in interest rates." Her comments sparked a stock market sell-off.
Among exchange traded funds, the Innovator IBD 50 (FFTY) rose 1.2% Wednesday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) traded up 0.6%. Meanwhile, the SPDR S&P 500 ETF (SPY) gained 0.5%.
Stock Market Rally: Dow Jones Near Highs
Tuesday's sell-off clouded the quality of the current stock market uptrend, as recent losses dragged the Dow Jones Industrial Average and S&P 500 from record highs. Meanwhile, Tuesday's action moved the tech-heavy Nasdaq moved further away from its own all-time record, and below support at its 21-day exponential moving average.
Tuesday's Big Picture column commented, "After reaching record highs last week, the stock market is back to its diverging ways, with technology and growth underperforming while value and cyclical indexes hold up better."
For more stock market commentary, check out IBD's The Big Picture.
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Dow Jones Stocks: Goldman Sachs
Dow Jones investment bank Goldman Sachs is working on a new flat base with a 356.95 buy point, according to IBD MarketSmith chart analysis. Shares trimmed early gains to 0.2% Wednesday and are about 2% away from the entry.
The latest base is a second-stage formation, indicating the stock could still be in the earlier part of a long-term price advance.
The investment banking giant is on a tear in 2021, already up more than 30% year to date.
Stock Market Earnings: General Motors
General Motors smashed first-quarter earnings views and guided to the high end of its outlook Wednesday, though sales disappointed. The company reported EPS of $2.25 on revenue of $32.5 billion.
GM stock jumped over 2% early Wednesday, looking to snap a two-day losing streak. Shares are trying to regain their 50-day line.
Stocks To Buy And Watch: Carvana, MarineMax
Monday's IBD Stock Of The Day, MarineMax, is nearing a 64.09 buy point in a cup base, according to IBD MarketSmith chart analysis.
Shares rallied 0.3% Wednesday and are about 2% away from the entry.
Tuesday's IBD 50 Stocks To Watch pick, Carvana, is adding a handle to a cup base, moving the buy point to 301.26. Shares jumped 2% in morning trade and are nearing the buy point.
According to IBD Stock Checkup, Carvana stock shows a mild 70 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating helps investors easily measure the quality of a stock's fundamental and technical metrics.
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Tesla Stock
Tesla stock rallied nearly 1%, then reversed lower Wednesday, threatening to extend a two-day slide. Shares are trying to get back above their key 50-day moving average line. If Tesla is unable to recover back above this key level, it could signal further weakness.
The EV giant is forming a new cup with handle, offering a 780.89 buy point. But it is a late-stage base.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Dow Jones Leaders: Apple, Microsoft
Among the top Dow Jones stocks, Apple briefly advanced almost 2% before paring gains Wednesday, recovering a part of Tuesday's 3.5% sell-off. Shares are about 6% away from a cup with handle's 135.63 buy point.
Software giant Microsoft rose 0.5% Wednesday, on pace to snap a five-day losing streak. Shares are back in the 5% buy range past a flat base's 246.23 buy point that tops out at 258.54, according to IBD MarketSmith chart analysis.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.
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