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Stock Market Today: Biotechs Lift Nasdaq; Tesla Rebounds, Apple Buys Shazam | Stock News & Stock Market Analysis

The Nasdaq composite was in the lead in afternoon trading Monday with a 0.5% gain as Wall Street looked past an attempted terrorist attack in New York City.

X Dow Jones industrial average stock Apple (AAPL) picked up 2% to 172.75 after the company confirmed it’s buying Shazam, a popular song-recognition app, for around $400 million.

Technically, Apple looks solid, getting support at the 10-week moving average for the first time after a breakout over a 160.97 buy point.

The Dow Jones industrial average rose 0.2% and the S&P 500 added 0.3%. Volume on the NYSE and Nasdaq was tracking slightly lower than Friday’s levels in the stock market today.

Fiber-optic, coal, mining, solar and oil and gas-related groups outperformed. Food, building and some retail-related groups underperformed.

The two-day Federal Reserve meeting starts tomorrow and a decision on interest rates will be out Wednesday at 2 p.m. ET. According to the CME Group FedWatch tool, the market thinks there’s a 90% chance the FOMC will lift the federal funds rate to 1.25% to 1.50%.

Buyers came into Tesla (TSLA) as shares rose nearly 4%. Tesla has been struggling lately, but the stock showed positive action Monday, breaking out over a trend line and reclaiming the 50-day moving average.

Meanwhile, news of nine Golden Globe nominations wasn’t much help to Netflix (NFLX). Shares underperformed, falling 0.3%. The 200 level generally has been a tough level for the stock to conquer. A 190.05 buy point is still in play, although Netflix is also working on a new flat base with a conventional entry of 204.48.

Bluebird (BLUE)and partner Celgene (CELG) were winners in the biotech space after Bluebird reported positive trial data for a CAR-T therapy for patients with advanced multiple myeloma. Shares of Bluebird soared 23% while Celgene added nearly 3%.

CAR-T drugs are made using a patient’s own extracted immune system cells. The cells are reprogrammed to seek and destroy cancer cells.
Goldman Sachs raised its price target on Bluebird to 309 from 186.

Elsewhere, NCI Building Systems (NCS) is the latest example of why it’s OK to buy a  stock when it gaps out of a base. NCI broke out last week and was on pace for its third straight gain. Shares were up nearly 4% to 20.75 after rising nearly 22% last week.

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