Dow Jones Gains; Tesla Stock Up Despite Elon Musk Confession; Airbnb Zooms Past Buy Point

The Dow Jones Industrial Average closed higher, while the S&P 500 and Nasdaq closed at record levels. Tesla (TSLA) gained despite an Elon Musk confession, while Airbnb (ABNB) surged past a new buy point. Dow Inc. (DOW) and Goldman Sachs (GS) were the top blue chips. (JD) led a cluster of China stocks higher. Finally, a trio of stocks staged breakouts: Shoe Carnival (SCVL), Trex (TREX) and Kansas City Southern (KSU).

Nasdaq Gains As Small Caps Lead; Dow Jones Edges Up

The Nasdaq was the leading major index of the day, hitting a record as it closed up 0.5%. Of the China stocks, NetEase (NTES) was one of the biggest gainers, rising about 9%.

The S&P 500 also gained, finishing up 0.2%. Best Buy (BBY) was the top performer, closing up more than 8% on earnings. Seagate Technologies (STX) lagged most, falling about 6%.

There was a balance of winners and losers among the S&P sectors, with energy and consumer discretionary rising the most. Real estate and consumer staples performed worst.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 35367.90 +32.19 +0.09
S&P 500 (0S&P5) 4486.27 +6.74 +0.15
Nasdaq (0NDQC ) 15019.80 +77.15 +0.52
Russell 2000 (IWM) 221.78 +2.16 +0.98
IBD 50 (FFTY) 46.75 +0.34 +0.73
Last Update: 4:08 PM ET 8/24/2021

Small caps were the top performers of the day. The Russell 2000 finished with a gain for the day of 1%. It fell more than 2% last week.

Growth stocks also outperformed the major indexes, with the Innovator IBD 50 ETF (FFTY) rising a more moderate 0.7%. It is continuing to pull away from the key 50-day moving average.

Dow Jones Today: Goldman Sachs Among Leaders

Meanwhile, the Dow Jones Industrial Average made the weakest gain of the major indexes, inching up 0.1%.

Dow Inc. was the top gainer on the Dow Jones today, rising almost 2%. This slim gain enabled the commodity chemicals company to retake its 50-day line, an encouraging sign.

Goldman Sachs stock was another big winner, rising just under 2%. The stock remains in a buy zone after previously passing a flat-base entry of 393.36. It looks to have snapped a downtrend.

Johnson & Johnson (JNJ) was the biggest laggard, giving up around 1%. Nevertheless, it remains in a buy zone above a flat-base buy point of 173.75.

Airbnb Stock Surges Past Buy

Airbnb was a noteworthy performer, passing a bottoming base entry point of 152.86.

The IPO stock made its move higher in strong volume, while the relative strength line also spiked.

The strong move saw Airbnb stock added to the prestigious IBD Leaderboard of leading growth stocks.

Airbnb stock holds a weak Composite Rating of 24, but the current action suggests it may be set to drive higher. Analysts see the company posting a full-year profit for the first time in 2022.

The firm operates an online marketplace for lodging. Its primary offerings are homestays for vacation rentals.

While tourism was badly hit by the coronavirus pandemic, it has been roaring back following lifting of some of the strict lockdowns.

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