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Nasdaq Composite Jumps 1.4%, Takes Out 7500 Level

The Nasdaq composite outperformed in afternoon trading Friday, up 1.4%, while the Dow Jones and S&P 500 also held impressive gains. A solid May jobs report fueled positive sentiment.

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The session yielded several strong movers including Alibaba (BABA). Shares rose 3% t0 204.25 as the China name moved with conviction over the 200 price level. It was still in buy range from a 201.60 entry. Veeva Systems (VEEV), the newest member of Leaderboard, reclaimed a 78.38 entry. Shares rose 3.5% to 80.05.

Nasdaq Composite Clears Key Level

The Nasdaq composite showed noteworthy price action, rising above the 7500 level with conviction. Volume on the Nasdaq was tracking close to Thursday’s levels in the stock market results today.

The Dow and Russell 2000 added 0.8% and the S&P 500 gained 1%. Volume on the NYSE was tracking higher than Thursday’s level.

In economic news, the U.S. economy added 223,000 jobs in May as the jobless rate fell to 3.8%. Wage growth ticked up to a 2.7% annual rate, in line with expectations.

3 Breakout Stocks To Watch

Enterprise software name HubSpot (HUBS) looked poised to extend its winning streak to 11 sessions. Shares were up 3% in late trading. This week, it cleared an early entry at 120.75 and is just above a conventional entry of 124.55.

Elsewhere, shares of Intuitive Surgical (ISRG) popped nearly 4% to 477, good for a breakout from a flat base with a 473.89 entry. The stock was strong after the Food & Drug Administration cleared its da Vinci SP robot-assisted surgery device for expanded use.

VMware (VMW) jumped nearly 7% to 146.75. It gapped over a 145.25 cup-with-handle buy point is still in buy range. A solid earnings report was the catalyst.

FANG Stocks On The Move

Among the FANG stocks, Google-parent Alphabet (GOOGL) was the strongest gainer, up 3%. Alphabet is only 5% off its high after breaking out over a trend line Thursday.

Shares of Facebook (FB) added 1% to 193.70 after clearing a 188.42 buy point Thursday. Volume Thursday was below average but well above levels of the previous many days.

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