Major averages pared their gains in the last hour of trading but still closed near their session highs, with winners trouncing losers by about 2 to 1.
The Nasdaq led with a 0.7% gain, closing above the 5000 level for the first time in nearly a month. The S&P 500 rose 0.5% and the Dow Jones industrial average 0.4%. Volume swelled across the board, according to preliminary data.
Intel (NASDAQ:INTC), the Dow’s top gainer, surged 4% in heavy volume to reclaim its 50-day moving average for the first time since late July. The stock is still below its 200-day line. Late Tuesday, the chip giant reported Q1 profit that met views and revenue that slightly missed.
JPMorgan Chase (NYSE:JPM) added 2% in busy trade, following through on its Tuesday breakout past a 62.97 buy point and finishing its seventh straight up session. The biggest U.S. bank reported better-than-expected Q1 earnings early Tuesday.
Energy stocks again outperformed in the stock market today as crude oil prices rose nearly 6% to $ 56.39 a barrel.
Metal ore miners, security and solar energy stocks also scored big gains. Smith & Wesson (NASDAQ:SWHC) gapped up and surged 15% to its highest close since late June, clearing a 14.85 cup-with-handle buy point in heavy volume. The gun maker raised its Q4 guidance.
Among IBD 50 stocks, Horizon Pharma (NASDAQ:HZNP) was the biggest mover, up 7%. The stock recovered its loss from Tuesday, when it fell 3% after announcing a public offering of 12 million shares late Monday. Railcar maker Greenbrier (NYSE:GBX) rose 4%. Fleet-tracking software maker Fleetmatics Group (NYSE:FLTX) rose 3%.
Follow Nancy Gondo on Twitter: @IBD_NGondo.
No comments:
Post a Comment