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The Dow Jones report gives 350 points on strong jobs




The Dow Jones Industrial Average briefly rose 350 points on Friday after the Labor Department’s October central jobs report showed stronger-than-expected growth.




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Friday’s jobs report showed the US economy added 261,000 jobs in October, higher than the 210,000 expected, per the Econoday estimate. But unemployment rose to 3.7%, above the estimate of 3.6%.

Key earnings factors on Friday were Block (SQ), Coin base (COIN), DoorDash (HYphen), EOG Resources (EOG), Microchip (MCHP), PayPal (PYPL) and Starbucks (UNDER).

The block shares rose 13%. COIN stock jumped 9% as DoorDash ran 15% higher. EOG Resources rose 5%, while Microchip rose 8%. Finally, PayPal fell 2% and Starbucks rose 9% higher in morning trading.

Electric vehicle giant Tesla ( TSLA ) traded up nearly 4% Friday morning. Dow Jones stock Amgen ( AMGN ) shares were down 2% after reporting results. Dow Jones Technology Leaders apple (AAPL) and Microsoft (MSFT) was also higher after today’s market opening.

Among the best stocks to buy and watch are Arista Networks (A WEB), Cheniere energy (LNG), Dollar General (DG) and Clean storage (PSTG) – as well as Dow Jones stocks Chevron (CVX) and UnitedHealth (UNH). Remember that the now struggling stock market recovery is a reason for investors to play more defensively.

Chenière is an IBD Leaderboard stock. Pure Storage was featured in this week’s Stocks Near A Buy Zone column, along with three other top stock ideas. Pure Storage was also recently an IBD Stock Of The Day.

Dow Jones today: Treasury yields, oil prices

After Friday’s opening bell, the Dow Jones Industrial Average rose 1%, while the S&P 500 gained 0.95%. The tech-heavy Nasdaq Composite climbed 0.8% in morning action.

Among exchange-traded funds, Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded up 0.8%, and the SPDR S&P 500 ETF (SPY) rose 1%.

The 10-year Treasury yield rose to 4.16% on Friday morning after the jobs report. Meanwhile, US oil prices rose more than 4% and are at their highest level since mid-October. West Texas Intermediate futures are rising above support at their 50-day moving average, trading above $92 a barrel.

Stock market rally is struggling

On Thursday, the Dow Jones Industrial Average fell 0.5%, while the S&P 500 fell 1.1%. The tech-heavy Nasdaq composite lost 1.7%, and the small-cap Russell 2000 fell 0.5%.

Thursday’s The Big Picture commented: “Since the October 21 follow-up day, IBD has recommended limited exposure (no more than 40%) due to this year’s market volatility and a pattern of failed follow-up days. And the recent action has validated the more cautious approach.”

Now is an important time to read IBD’s The Big Picture column. After the recent selloff, investors should be more focused on playing defense than buying breakouts.


Five Dow Jones Stocks to Buy and Watch Now


Dow Jones stocks to buy and watch: Merck, UnitedHealth

Dow Jones member and IBD 50 stock Merck is out of buy territory after a double-bottom buy point at 93.12, according to IBD MarketSmith pattern recognition. Merck shares fell on Friday.

Healthcare company UnitedHealth is trying to break out past a cup with the handle’s 553.23 buy point, according to IBD MarketSmith. The shares rose on Thursday, and remained below the last entry. UNH stock traded a fraction higher on Friday morning.


4 top growth stocks to watch right nowra stock market rally


Top stocks to watch: Arista, Cheniere, Dollar General, Pure Storage

IBD Leaderboard Watchlist stock Arista Networks is nearing a buy point at 132.97, but could add a handle to its asymmetric formation, which would lower its entry to 130.23. Shares rose 8% after Piper Sandler upgraded the stock from neutral to overweight on Friday morning.

IBD Leaderboard stock Cheniere Energy continues to hold just below a 178.69 buy point in a cup with handle. Look for a decisive repeat of the entry before buying shares. LNG shares rose 1% on Friday.

Dollar General fell further below a 259.75 buy point in a cup base, as DG shares lost 0.2% on Thursday, falling for a fourth straight day. Now the stock will look for support around its 50-day line. DG shares rose 0.5% early Friday.

Recent IBD Stock Of The Day, Pure Storage, broke out Tuesday past a 31.62 buy point, but fell further below that entry during Thursday’s 1.45% decline. The stock rose 2 percent on Friday.


Join IBD experts as they analyze leading stocks in the current stock market rally on IBD Live


Tesla shares

Tesla shares rose on Thursday, taking a breather after Thursday’s 5.6% slide. Shares are holding just above their recent lows, about 48% of their 52-week highs and sharply below their 50- and 200-day moving average lines.

Shares of the EV giant rose nearly 4% on Friday morning.

Dow Jones Leaders: Apple, Microsoft

Among the Dow Jones stocks, Apple shares sold off another 4.2% on Thursday, falling sharply for the fourth day in a row. The stock is about to fall almost 11% this week. Apple shares rose 1.9 percent on Friday.

Microsoft fell 2.7% on Thursday, hitting a new 52-week low. The software giant is about 39% off its 52-week high. Microsoft shares rose 1.5 percent Friday morning.

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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How to research growth stocks: Why this IBD tool simplifies the search for top stocks





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