Dow Gains 370 Points as SpaceX Debuts and U.S.-Iran Deal Nears
U.S. equity markets extended their gains today. This positive move occurred because investor sentiment received a dual boost. Specifically, SpaceX soared during its highly anticipated market debut. Furthermore, reports indicated that a historic U.S.-Iran diplomatic deal is currently nearing.
Consequently, all major indices finished the session comfortably in green territory. For instance, the Dow Jones Industrial Average (DJIA) gained 398.30 points (+0.78%) to close at 51,247.05. Meanwhile, the S&P 500 rose 37.78 points (+0.51%) to end the day at 7,432.08. Additionally, the tech-heavy Nasdaq Composite advanced 94.426 points (+0.37%) to finish at 25,904.085.
Dow Jones Industrial Average (INDU)
The DJIA index delivered a remarkably strong performance during today’s session. Upward momentum accelerated right from the start as the index gapped up significantly at the opening bell. Because of this powerful buying pressure, the index is getting near its all-time highs. Therefore, the technical outlook strongly suggests that the index is positioned to continue its broader bullish trend. Market participants are now looking forward, expecting the index to target entirely new record highs.
Lowe’s Companies, Inc. (LOW)
Instead of following the market, the trend for Lowe’s Companies, Inc. (LOW) remains decisively bearish. Previously, the share price faced a major rejection from the purple box area. Furthermore, a heavy cluster of moving averages blocked any overhead expansion. At the current time, the stock is trading upward toward these key averages. Therefore, traders should watch for a strong bearish reaction near this broken low. Consequently, a sharp reversal would offer a good short entry opportunity. However, a protective stop-loss should sit safely above the previous swing high at $257.10.