Nasdaq Romps To 4% Weekly Gain As Stock Market Snaps Losing Streak

Stocks settled for a mixed finish after searching for direction throughout the session. Rising chips helped boost the Nasdaq to a gain; small caps outperformed in the stock market today.

The Nasdaq climbed 0.1%, while the S&P 500 and Dow Jones industrial average gave up a respective 0.1% and 0.3%. Small caps led for a change, with the Russell 2000 up 0.5%. Volume came in lower on both the NYSE and Nasdaq vs. Thursday, according to preliminary figures.

While the week started out with the worst Christmas Eve ever, the major market indexes wrapped up the week with big gains. The Nasdaq finished with a 4% weekly gain, while the Dow industrials and S&P 500 each rose 3%. It was their first up week of the past four weeks.

Only five of the Dow’s 30 component stocks advanced. Intel (INTC), up nearly 1%, was the top blue chip gainer. The chip giant regained its 50-day moving average intraday before closing just below the line. It’s been forming a base since June. The potential buy point for now is 57.70.

Walt Disney (DIS), Walmart (WMT), Verizon (VZ) and Pfizer (PFE) were the other key Dow gainers. Goldman Sachs (GS) and Exxon Mobil (XOM), the biggest decliners, gave up more than 1% each.

Automakers, energy and chip stocks led the upside among sector gainers in the stock market today. Food, real estate investment trust and gold miners saw small losses.

Nasdaq Stocks Show Strength

Tesla (TSLA) advanced 5% as it gets close to recapturing its 50-day line. The stock has changed directions in each of the past six sessions.

In the IBD 50, Wingstop (WING) soared 7% to rise back above its 50-day line. Shares have been consolidating around the support line since mid-October. The current pattern is late stage and bears a potential buy point of 72.11. The relative strength line has climbed to new highs ahead of the stock price, a bullish sign. But an E Accumulation/Distribution Rating implies heavy recent selling vs. buying by mutual funds.

Other IBD 50 stocks scoring gains included suspension products maker Fox Factory (FOXF), ServiceNow (NOW) and CyberArk Software (CYBR), which added more than 2% each. Chip stocks Broadcom (AVGO) and Intel also rose about 2% apiece.

Kirkland Lake Gold (KL) and Lululemon Athletica (LULU) were among the biggest IBD 50 decliners, down 2% and 1%, respectively. Kirkland Lake is slightly extended from a 23.96 proper buy point of a four-month base cleared earlier this month.

The Innovator IBD 50 ETF (FFTY) edged 0.2% higher.


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Originally posted 2019-09-19 23:29:27.


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