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Nasdaq Recovers A Bit On Tax-Reform Hopes; Goldman Sachs Breaks Out | Stock News & Stock Market Analysis

Major stock indexes held robust gains in afternoon trading Thursday, as Wall Street grew confident about the passing of a tax reform bill in the Senate.

The Dow Jones industrial average carried the leadership baton again, rising 1.5%. Goldman Sachs (GS) showed the best gain, rising more than 3%. It’s back in buy range after reclaiming a 247.17 buy point.

X The S&P 500 added 1% and the Nasdaq composite picked up 0.8%. Small caps lagged with the Russell 2000 up 0.4%. Volume on the NYSE and Nasdaq was tracking lower than Wednesday’s levels, more so on the Nasdaq.

Financials, airline and biotech stocks outperformed.

Citizens Financial (CFG) followed through after Wednesday’s breakout over a 39.20 buy point. Shares rose 0.87 to 41.54. Volume was heavy.

In the stock market today, Costco (COST) ramped higher again after the company reported its best same-store sales growth in years. Shares were up nearly 4% to 184.35. The large-cap retailer is now extended after a breakout earlier this month over a 173.19 cup-with-handle buy point.

FleetCor (FLT) rose to the top of short consolidation that shows an alternate entry of 183.71. Shares rose 2% to 183.11 in light volume.

Elsewhere, sellers were in Workday (WDAY) for the second straight session after the enterprise software name reported earnings late Wednesday. Shares were down 2.6% to 103.73 after slumping 7% Wednesday and slicing through the 50-day moving average.

At the New York Mercantile Exchange, benchmark WTI crude oil futures eased 0.4% to $57.06 a barrel. At OPEC’s biannual meeting in Vienna on Thursday, Russian and OPEC agreed to extend output cuts announced a year ago that has removed about 1.8 million barrels of oil per day from the market.

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