Another solid jobs report had Wall Street in a good mood early Friday, and that enthusiasm continued into afternoon as major stocks indexes looked to finish the week on a high note.
X The Nasdaq composite led the way, up 0.6%, while the S&P 500 added 0.5%. The Russell 2000 small-cap index and Dow Jones industrial average picked up around 0.4%. Volume on the NYSE and Nasdaq was tracking slightly lower than Thursday’s levels.
Among Dow components, Microsoft (MSFT) and UnitedHealth (UNH) outperformed with gains of around 2%. Shares of Microsoft gapped up as it works on a flat base with an 86.30 buy point.
Among the FANG stocks, Netflix (NFLX) was up the most, rising 2%. It’s trying to get above the 50-day moving average after a heavy-volume drop below the support level last week.
Meanwhile, after three straight heavy-volume gains for Facebook (FB), is back above the 50-day line. The initial breakout was over a 175.59 buy point. It’s still in range from that entry.
In the stock market today, Tesla (TSLA) got a lift after food supply and distribution giant Sysco (SYY) ordered 50 of Tesla’s semi trucks that boast a battery range of 500 miles. Wal-Mart (WMT) and J.B. Hunt (JBHT) have also placed early orders. Shares of Tesla added 0.8%, but the stock’s technical health leaves a lot to be desired after a 24% pullback from a high of 389.61.
After recently finding support at the 50-day moving moving, IBD 50 name Universal Display (OLED) jumped 4% on news of a long-term supply agreement with China-based BOE Technology, a provider of display panels. Universal Display will supply BOE with organic light-emitting diodes (OLED) materials. Universal Display is making a good case for support at the 50-day line, but keep in mind its latest breakout was from a late-stage base.
Other IBD 50 names outperformed nicely, with Winnebago Industries (WGO), Grupo Supervielle (SUPV), Wingstop (WING) and Meritor (MTOR) showing gains of 2% to 3%.
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