The Dow Jones Industrial Average rose even after Federal Reserve Chairman Jerome Powell warned of a recession.Bitcoin was falling again Coinbase ((((coin) When Riot blockchain ((((Riot) Also tumbling. Apple ((((AAPL) Rise after a bullish analyst call.
Compared to the same period on Tuesday, the volume was split, rising at Nasdaq and falling at the New York Stock Exchange.
Meanwhile, benchmark 10-year Treasury yields fell 16 basis points to 3.15%. West Texas Intermediate crude fell about 3% and traded at about $ 106 per barrel.
Powell warns of recession and aims for inflation
Federal Reserve Chair Jerome Powell calmed down as he was scrutinized at the first of the two pre-parliamentary appearances this week.
Nonetheless, he told the Senate Banking Commission that the central bank Attempts to tackle inflation can lead to recession..
The FOMC “doesn’t think it needs to trigger a recession, not try to provoke it,” Powell said. But he said getting runaway inflation was “absolutely essential.”
Soaring fuel prices and supply chain issues are outside the Fed’s control capabilities, so it is important that rate hikes do not have unintended consequences.
Achieving a so-called soft landing “will be very difficult,” Powell said. “The events of the past few months have made it quite difficult.”
Edward Moya, senior market analyst at Oanda, said Fed leaders once again captivated the market with the tone of the conference.
“The stocks rebounded after Powell said he needed to be agile with the Fed’s incoming data and evolving prospects,” he said in a note to clients.
Nasdaq gain; small caps are higher on the contrary
Nasdaq was the best of the major indexes, with a rise of less than 1%. Moderna ((((MRNA) It stood out with a gain of 6% or more.
S & P 500 rose about 0.6%. Clorox ((((CLX) It was shining here as it rose almost 6%.
S & P 500 The sector was almost positive.. Real estate and health were one of the best performing areas. Energy was delayed as oil prices fell.
Small caps managed to rise, and the Russell 2000 recorded a slight increase of 0.2%.
Growth stocks were a favorite feast for bears on Wednesday. Innovator IBD50ETF (FFTY) Decreased by about 3%.
Dow Jones Today: Apple Stocks Bend After a Bullish Call
The Dow Jones Industrial Average also rose. It was off the session highs, but still increased by 0.5%.
Apple stocks rose 0.5%. I’m having a hard time getting traction because it looks like I’m heading back towards the 50-day moving average. According to Market Smith analysis..
Despite Morgan Stanley’s repeated overweight assessments of Apple stocks, that hasn’t changed much. “The removal of Covid-related regulations in China over the last few weeks has helped Apple produce Macs and iPads,” he said.
Bitcoin falls again after rally attempt
Following Tuesday’s rally attempt, Bitcoin was falling again. It raises the prospect that it was just a bounce of a dead cat.
Bitcoin has traded for just over $ 20,000 after dropping about 4% in the last 24 hours. According to CoinDesk.. Cryptocurrencies were shaken as investors ran to the exit as they shed dangerous assets.
Playing Bitcoin was a terrible struggle.Bitcoin miner Riot blockchain ((((Riot) I slipped nearly 9% because I was off the line for 50 days.
Cryptocurrency exchange Coinbase Global ((((coin) It decreased by almost 7%. There is also pressure from rival binance movements.
Both stocks remain miles away from record highs. The Grayscale Bitcoin Trust ((((GBTC) Also declined, but the decline of nearly 4% was milder.
Outside the Dow Jones: 3 shares flex near the buy point
The relative strength line is an important indicator when looking for a watchlist name. In this important benchmark, all three stocks have reached new heights.
Legend Biotech saw the RS line move to a new height on the weekly chart.Now close 50.10 cup with handle entry..
Big money has recently been piled up in inventory. And while profits are low, their price performance has been excellent these days.
The diabetes treatment company Novo Nordisk also looks bullish. We are aiming for 122.26 integrated purchase points. It holds a solid EPS rating of 77 out of 99. The line of relative strength also looks solid.
Johnson & Johnson shares also hit new highs on the RS line. J & J shares Flat base With an ideal entry of 186.79. After finding support on the 200-day line, stocks are bouncing. Currently, it is skyrocketing towards the 50-day moving average.
Dow Jones shares are among the top 10% of shares in terms of price performance over the last 12 months.
Follow Michael Larkin on Twitter. @IBD_MLarkin For more information on growth stocks and analysis.
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