Apple Fuels Dow Jones Rally; Western Digital, Micron Lead Nasdaq

The Dow Jones Industrial Average was off highs but held a solid gain in afternoon trading, unfazed by a 5% drop in shares of Intel (INTC) stock. DowDuPont (DWDP) and Apple (AAPL) led the Dow, which was up 0.8%. Apple, one of the so-called FAANG stocks, reports earnings next week, along with Facebook (FB) and Amazon.com (AMZN).





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The Nasdaq composite led the way, up 1.3%. The S&P 500 rallied 1% and the Russell 2000 small-cap index picked up 1.2%. Volume was running higher compared with the same time on Thursday. (For updates on this story and other market coverage, visit the Stock Market Today page.)

Dow Jones News

Shares of Intel lagged badly on a revenue miss and weak first-quarter guidance. But the Philadelphia Semiconductor Index still rose 2.4% after soaring nearly 6% Thursday.

Dow Jones component Apple was up nearly 3% ahead of its earnings report Tuesday after the close. The beaten down FAANG stock is making a case for a bottom, but at 32% off its high, it’s nowhere near a proper entry amid a hazy fundamental outlook.

Nasdaq Gainers

Strong showings from Western Digital (WDC) and Starbucks (SBUX) helped the Nasdaq.

In stock market news today, Western Digital was well off highs but still rose 4.5% after the company reported earnings and gave bullish guidance for the second half of this year. Starbucks, meanwhile, rebounded after a volatile session Thursday. Shares were up 3% Friday afternoon, following strong earnings and robust U.S. same-store sales growth.

Inside the IBD 50, BioTelemetry (BEAT) popped above a 70.58 cup-with-handle buy point early Friday but backed off. Shares were up 3% to 69.90. Note that the handle formed on the daily chart but not the weekly chart.

Also in the IBD 50, Alarm.com (ALRM) was on pace for its 19th gain in 22 trading sessions. Shares rose 3% to 62.91. Technically, it’s still inside the 5% buy zone from the 60.30 buy point, but after a big price move the past five weeks, a pullback wouldn’t be out of the ordinary.

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