Dow Jones jumps that give plunges; This new Cathie Wood Buy rockets; Bitcoin Rally, Coinbase Jumps| Investor’s Business Daily

The Dow Jones Industrial Average rose as interest rates plunged. A Cathie Wood purchase increased as Biogenic (BIIB) exploded higher. Coin base (COIN) and Riot Blockchain (RIOT) jumped as Bitcoin rose. apple (AAPL) dived into iPhone 14 demand concerns.

Meanwhile, some notable executives made bullish moves. Vertex Pharmaceuticals (VRTX) and Cardinal health (CAH) passed aggressive buy points, while Eli Lilly (LLY) attempted a breakout.

X

Volume rose on both Nasdaq and the New York Stock Exchange, according to early data.

The yield on the benchmark index for 10-year government bonds fell 24 basis points to 3.73%. West Texas Intermediate crude rose 4.5% in trading to just over $82 a barrel.

Bank Of England moves interest rates lower

US stocks rebounded from 2022 lows after the Bank of England stepped in amid the ongoing fallout from the latest UK government spending plans.

It announced a £65 billion bond-buying program aimed at calming the crisis, which has gripped sovereign debt markets. It also postponed the start of its bond sale program to tighten economic conditions in the country.

The pound moved higher against the dollar. It had plunged to a record low after the British government unveiled a program of stimulating tax cuts.

“U.S. stocks rise after BOE’s intervention temporarily halted bond market sell-off,” Oanda senior market analyst Edward Moya said in a note to clients. “Some traders are becoming confident that we are close to seeing the end of the Fed’s tightening cycle, but it is still too early to tell.”

Nasdaq jumps, small caps soar

The Nasdaq was the best performer of the major indexes as it rose 2.1% higher. The S&P 500 wasn’t far behind with a 2% gain, snapping a six-session losing streak in the process.

The S&P 500 sectors were all positive, with energy and communications services the top performers. The technology provided the smallest gain.

Small caps gave the bears a black eye, with the Russell 2000 rising 3.6%.

The Innovator IBD 50 ETF ( FFTY ), a watch for growth stocks, fared even better as it gained 3.7%.

Dow Jones today: The index appears as Apple shares fall

The Dow Jones Industrial Average closed up 549 points as it snapped its own six-session losing streak. This corresponds to a gain of 1.9%.

Apple stock stood out for all the wrong reasons: It was the only Dow loser on a day when the index was awash with green ink. It finished well on the lows of the session, but still gave up 1.3%.

Apple took a dive amid growing concerns over demand for the iPhone 14. A Bloomberg report stated that the firm will no longer try to increase production by 6 million units in the second half of 2022. Instead, it will aim to produce 90 million units, the same as the previous year.

AAPL stock also lost ground on an aggressive trendline entry and a handle entry at 176.25.

Home Depot (HD) and Boeing (BA) was the best performer on the Dow Jones today, rising 5% and 4.7% respectively.

New Cathie Wood Buy rockets in the middle of this

A new acquisition by ARK Invest’s portfolio manager Cathie Wood paid off immediately as the stock sprinted higher.

Ginkgo Bioworks (DNA) made an eye-catching move as it rose 19.7%. But the stock is valued too low to meet CAN SLIM standards. Investors should aim to buy stocks that trade for more than 10 per share.

The famous investor’s ARK Innovation ETF (ARKK) picked up 106,000 shares on Tuesday, bringing the fund’s total holdings of the stock up to 81,392,155.

DNA stock rose past its 50-day line but remains shy of the declining 200-day moving average.

Biotechnology stocks in general fared well, with the iShares Biotech (IBB) ETF ending the session up 3.9%.

One reason they succeeded was the exceptional performance of Biogen. BIIB shares rose 39.9% on Wednesday following positive results from a study of the experimental Alzheimer’s drug, lecanemab. The stock was given a number of analyst upgrades as a result.

Coinbase Stock, RIOT Surge As Bitcoin Falls

Coinbase rose as riskier stocks climbed. It ended the day up 6.8%, although lower volume was a mistake.

The crypto trading platform, which cut its full-year forecast last month, remains anchored below its moving averages after a period of prolonged pressure. COIN shares are down more than 73% since the start of 2022.

COIN stock got a boost as Bitcoin rallied. The most famous cryptocurrency is approaching the $20,000 mark after gaining 2.4%.

Other digital currency plays also jumped. Grayscale Bitcoin Trust (GBTC) rose 2.7%; Bitcoin mining game Riot Blockchain rose 7.5%.

Stocks Jump While Yields Fall; What to do now

Outside the Dow Jones: These 3 Stock Test Entries

Making new purchases remains risky, but a trio of stocks impressed amid Wednesday’s bullish action.

Vertex Pharmaceuticals cleared a trend line entry near 292. It has also positively recovered its 50-day moving average. It continues to form a flat base with a buy point at 306.05, according to MarketSmith analysis.