Stock Market Today: Indexes Hit Record Highs; 3 Homebuilder Stocks Break Out | Stock News & Stock Market Analysis

The Nasdaq composite and S&P 500 climbed to all-time highs Friday as the market capped another month of gains.

XAutoplay: On | OffThe Nasdaq added 0.7% to nearly 6500, making September the third straight month of gains. The S&P 500 climbed 0.4% and rose for the sixth month in a row. The index hardly felt Monday’s tech-sector slide and rose 0.6% for the week.

The Dow Jones industrial average also made it six months in a row of gains, rising 0.1% on the day. Small caps participated too, with the Russell 2000 climbing nearly 0.2% and making a record high.

Volume fell from Thursday’s levels, according to preliminary figures. Winners led losers by 3-to-2 on the NYSE and by 9-to-7 on the Nasdaq.

Homebuilders shined after an earnings report sparked a few breakouts.

KB Home (KBH) surged 8.5% to a new high after the company beat sales and profit expectations late Thursday. The  Los Angeles-based builder earned 51 cents a share on revenue of $1.14 billion for the August-ended quarter. KB Home cleared the 24.47 buy point of a lopsided base as volume swelled five times more than normal.

It was KB Home’s CEO Jeffrey Mezger’s that got in hot water with next-door neighbor Kathy Griffin after audio of Mezger making a slur-filled tirade against the comedian recently became public. The board of KB Home slashed his bonus by 25%.

Meritage Homes (MTH) cleared the 44.55 buy point of a cup-without-handle base as volume rose more than 60% above average. Toll Brothers (TOL) broke out of a flat base, leaping past the 41.17 buy point. But volume was merely average.

LGI Homes (LGIH) broke out Thursday and remained in buy range from the 46.99 entry.

Several financials also broke out past buy points, but they lacked volume.

Glacier Bancorp (GBCI) scooted out of a cup base with a 37.84 buy point. First Republic Bank (FRC) edged above a 104.27 buy point. KKR & Co. (KKR) closed above a 20.12 alternative buy point.

Financial software firm SS&C Technologies (SSNC) moved above the 40.31 buy point of a flat base in heavy trading.


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Originally posted 2017-10-01 18:42:20.


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