Dow Snaps Losing Streak As Nasdaq, S&P 500 Dig Deeper | Stock News & Stock Market Analysis

The Dow Jones industrial average pulled up from a three-day slide on Thursday, while the Nasdaq and S&P 500 shoveled deeper into their declines.


McDonald’s (MCD), Dollar General (DG), NetEase (NTES) and Alibaba Group Holding (BABA) were among the day’s winners.

The Dow rose 0.5%, with McDonald’s easily leading among blue chips with a 2.1% advance.

The Nasdaq Composite rose at the starting bell, then turned lower near 11:30 a.m. ET, and battled through the afternoon to close 0.2% lower. Apple (AAPL) rose 0.1%, but two of four FANG stocks lost ground. Despite the declines, China-based NetEase and Singapore’s Broadcom (AVGO) continued to work on their chart base patterns.

The S&P 500 ended 0.1% lower, with oil names EQT (EQT) and Williams Companies (WMB) posting its heaviest declines. Oil and pipeline groups took four of Thursday hardest hits among the 197 industry groups tracked by IBD.

Volume rose on the NYSE and fell on the Nasdaq, according to preliminary figures. News that Special Counsel Robert Mueller had subpoenaed documents from the Trump organization appeared to contribute to the market’s decline.

Dollar General scored the top advance among S&P 500 stocks, rising nearly 5% after reporting in-line earnings and weaker-than-expected revenue for Q4, but offering strong guidance, raising its dividend and launching a $1 billion stock buyback. The stock pared its initial 8% gain after meeting resistance at its 10-week moving average.

On the IBD 50, Casa Systems (CASA) spiked 7.7% to a new high. Smart Global Holding (SGH) gained 6% in heavy trade to end just below a 43.25 potential buy point in a four-month base. Alibaba Group grabbed a 3.4% gain.

Broadcom closed 3% higher, rising almost to a 274.36 buy point in a double-bottom base just ahead of its earnings report after the close.

Chipmaker Semtech (SMTC) briefly cleared a buy point, spiking nearly 17% in early trade, but paring back to an 11% gain. That left the stock 3% below a 38.50 buy point in a double-bottom base.

China-based Alibaba moved closer to a possible buy point, moving another 3% up the right side of its base. That left it a bit less than 4% below its potential buy point at 206.30. News reports said the diversified e-commerce giant is exploring the possibility of listing shares on mainland exchanges in China, opening a possible new channel of capital for the company.


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Originally posted 2019-09-19 23:11:06.


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