Dow Jones Rallies On Pfizer Coronavirus Vaccine News; Tesla Surges Above New Buy Point - Investor's Business Daily

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The Dow Jones Industrial Average rallied 125 points after Pfizer provided updated coronavirus vaccine news early Wednesday. Boeing soared on 737 Max jet FAA approval. Tech giant Tesla surged above a buy point following an analyst upgrade, while Chinese rival Nio dived following its earnings report.

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Among the Dow Jones leaders, Apple (AAPL) fell 0.65%, while Microsoft (MSFT) lost 0.6% in today's stock market.

Dow Jones stock Boeing (BA) rallied 4% before cutting gains after the Boeing 737 Max received FAA approval to reenter service.

Tesla (TSLA) jumped 9% on an analyst upgrade, as it approaches a new buy point. Chinese rival Nio (NIO) dived 8% despite strong earnings results.

Stocks in or near buy zones in the stock market rally are Chipotle Mexican Grill (CMG) and Facebook (FB).

Chipotle, Microsoft and Tesla are both IBD Leaderboard stocks.

Dow Jones Today: Pfizer Coronavirus Vaccine

Early Wednesday, the Dow Jones Industrial Average rose 0.2%, while the S&P 500 moved up 0.2%. The tech-heavy Nasdaq composite gained 0.3% in midday trade.

On Wednesday morning, Pfizer (PFE) and BioNTech (BNTX) said a final data analysis found their coronavirus vaccine was 95% effective in preventing Covid-19. The drugmakers said that the vaccine candidate was highly effective against the virus 28 days after the first dose, and its effectiveness was consistent across all ages, races and ethnicities.

Researchers haven't found any serious safety issues, the companies said.

Last week, the two companies said their coronavirus vaccine candidate was about 90% effective, according to preliminary data.

Pfizer stock rallied 3% in morning trade, while BioNTech stock advanced 3%.

Among exchange traded funds, Innovator IBD 50 (FFTY) lost 0.5% Wednesday. The Nasdaq 100-linked Invesco QQQ Trust ETF (QQQ) traded down 0.4%. Meanwhile, the SPDR S&P 500 ETF (SPY) moved up less than 0.1%.

U.S. Stock Market Today Overview
Index	Symbol	Price	Gain/Loss	% Change
Dow Jones	(0DJIA)	29853.46	+70.11	+0.24
S&P 500	(0S&P5)	3613.48	+3.95	+0.11
Nasdaq	(0NDQC )	11887.67	-11.67	-0.10
Russell 2000	(IWM)	178.67	+0.21	+0.12
IBD 50	(FFTY)	37.79	-0.16	-0.42
Last Update: 10:26 AM ET 11/18/2020

Amid the coronavirus stock market rally, the tech-heavy Nasdaq is up 32.6% for the year through Tuesday's close. Meanwhile, the S&P 500 is up 11.7%, while the Dow is up 4.3% year to date, through the Nov. 17 close.

Coronavirus Updates

According to the Worldometer data tracker, the cumulative number of confirmed coronavirus cases in the U.S. topped 11.6 million on Wednesday. Total virus-related deaths rose past 254,000.

The cumulative total of worldwide Covid-19 cases confirmed since the start of the outbreak topped 56 million Wednesday, with more than 1.34 million virus-related deaths.

Coronavirus Stock Market Rally

According to IBD's The Big Picture, the stock market is back in a new uptrend after a bullish follow-through day on Nov. 4.

Tuesday's Big Picture commented, "Stocks today reflected mixed action that's quite typical for a bull market that is also showing some rotation."

Investors should use the stock market strength as a go-ahead to buy new breakouts. Start slowly with new purchases and see how they perform. After raising cash during the recent correction, don't rush to be fully invested all at once. Try some new buys. If they work, you can add to them; if not, you can back away.

In particular, focus on stocks with strong relative strength. Find them by using the relative strength line. The RS line measures a stock's price performance vs. the S&P 500. If the stock is outperforming the broader market, then the RS line angles upward. If a stock is performing worse than the broad market, then the line will point lower.

Stocks to watch include IBD Long-Term Leaders, companies with stable earnings growth and price performance.

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Dow Jones News: Boeing Soars

Dow Jones stock Boeing rallied 3.3% after the Boeing 737 Max, grounded since March 2019, received Federal Aviation Administration approval to enter service Wednesday.

Shares of the airplane maker remain about 40% off their 52-week high.

Stocks In Or Near Buy Zones: Chipotle, Facebook

FANG stock leader Facebook is tracing a cup with handle with a 297.48 buy point, according to MarketSmith chart analysis. Shares are about 7% away from the new entry amid Wednesday's 0.3% fall.

According to the IBD Stock Checkup, Facebook stock has a 98 out of a perfect 99 IBD Composite Rating. The Composite Rating — an easy way to identify top growth stocks — is a blend of key fundamental and technical metrics to help investors gauge a stock's strengths.

Burrito-maker Chipotle is nearing a 1,366.76 buy point in a double bottom. Shares are about 7% away from the new entry, as they struggle to get back above their key 50-day line. The stock moved down 0.4% early Wednesday.

Both stocks are featured in this week's Stocks Near A Buy Zone column.

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Nio Earnings

Chinese electric-car maker Nio tumbled 8%, despite topping third-quarter estimates and offering strong guidance late Tuesday. The company reported a loss of 12 cents a share on revenue of $666.6 million. Vehicle margin expanded to 14.5% from -6.8% a year ago and 9.7% in Q2. Available cash more than doubled from Q2 to $3.3 billion in Q3.

Wall Street expected the electric-SUV maker to lose 15 cents a share on revenue of $628 million.

Tesla Stock Breaks Out

IBD Leaderboard stock Tesla advanced 9% early Wednesday after Morgan Stanley upgraded the stock from equalweight to overweight, while raising the price target from 360 to 540. Shares are breaking out above a 466 buy point.

On Tuesday, Tesla stock surged more than 8% Tuesday on news it would be added to the S&P 500 index on Dec. 21.

According to IBD Leaderboard commentary, "The handle's midpoint of 422.50 is slightly higher than the midpoint of the cup (416.19) itself. That's good. One risk not to ignore: the new base is late stage, following advances from cup with handle bases and a high, tight flag that also counted as a base. So, the latest pattern has higher risk."

Tesla was Tuesday's IBD Stock Of The Day.

Dow Jones Leaders: Apple, Microsoft

Among the top Dow Jones stocks, Apple moved down 0.65% Tuesday, as shares struggle to continue a rebound from their 50-day line. Apple stock is tracing a new base with a 138.08 buy point. An early entry exists at 125.49.

The blue-chip giant is the No. 1-performing Dow Jones stock for 2020, with a 62.6% advance through Tuesday. Salesforce.com (CRM) is the No. 2-performer, rising 57.5% year to date.

Software giant Microsoft moved down 0.6% Tuesday, looking to add to Wednesday's 1.3% loss. Shares are above their 50-day line, as they trade about 7% away from their all-time high.

Year to date, Microsoft is one of the top Dow Jones stocks, advancing 36% through the Nov. 17 close.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.

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Dow Jones Rallies On Pfizer Coronavirus Vaccine News; Tesla Surges Above New Buy Point - Investor's Business Daily
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