The Dow Jones Industrial Average was off highs midday, but looked on track to extend its gains for a third straight session.
The Nasdaq rallied 1.4%, the S&P 500 rose 0.9% and the Dow Jones industrials gained 0.5% in today’s stock market. Small caps tracked by the Russell 2000 advanced 0.7%. Volume swelled on both major exchanges vs. the same time Monday.
The U.S. stock market had reached new highs following the coronavirus crash. But the market uptrend fell under pressure Tuesday, as the major indexes suffered sharp declines.
The Nasdaq holds a 23% year-to-date gain despite recent volatility, while the S&P 500 was up 5% through Monday’s close. The Dow is down 2% and the Russell 2000 is 10% underwater this year. Read The Big Picture for detailed market analysis.
Worldwide coronavirus cases have topped 29.5 million, with more than 934,000 deaths, according to Worldometer. In the U.S., confirmed cases are now above 6.75 million, with the death toll approaching 199,200.
Apple Rises Ahead Of Event
Intel (INTC) led the Dow Jones index with a 2% gain. The chip giant’s stock is trying to reclaim its 50-day moving average, after trading below it for most of the past the three months. Shares are 27% off their 52-week high.
Apple, up ahead of its virtual launch event, is extending its Monday rebound off its 50-day line. The iPhone maker is widely expected to introduce Apple Watch 6, which reportedly features blood oxygen level detection and improved battery life, at the event.
Apple stock is sharply extended from a 72.15 buy point of a cup with handle. It’s 14% below a Sept. 2 all-time high, as tech stocks came under pressure. Apple is