Stocks Close Higher As Consumer Shares Take The Lead | Stock News & Stock Market Analysis

Consumer stocks led gains in the stock market Wednesday as major stock indexes were modestly higher and small-caps found some footing.

XAutoplay: On | OffThe Nasdaq composite added 0.3%, with strength in gaming software, fiber optics and other software and computing industry groups aiding its leading performance.

The S&P 500 added 0.1%,  and the Dow Jones industrial average rose a fraction.  The Russell 2000 rose 0.2% as the small-cap benchmark found support at its 50-day moving average. Market volume was lower than yesterday’s totals, according to early data.

The consumer rally was evident in some other leading groups Wednesday. Dairy products, meat products, consumer electronics retail, home furnishings, and footwear were some of the top 12 groups in today’s trading.

Gaming software led after Take-Two Interactive (TTWO) surged more than 10% to a record high on strong earnings and improved guidance for the holiday quarter.

There was good news for casinos after MGM Resorts (MGM) beat revenue estimates and matched profit views with its third-quarter report. In an encouraging sign for the industry, MGM said cancellations since last month’s massive shooting in Las Vegas have largely ended and bookings are near normal levels.

The gunman, who killed nearly 60 people, fired weapons from a room in MGM’s Mandalay Bay hotel. MGM shares closed 5% higher.

Some other consumer-oriented groups lagged, however. Soft drinks, periodicals, telecom services and tobacco were down more than 1%.

Weibo (WB) broke out of a double-bottom base, rising past the 105.60 buy point in more than double its average volume. On Tuesday, the Chinese Twitter-like service beat profit expectations. Adjusted earnings of 51 cents a share more than doubled from the year-ago period.

Splunk (SPLK) broke out of a cup without handle with a 69.71 entry. Volume was about 50% more than average, a good sign. But the stock has made little gains from its past three breakout bids. The data analytics software company is announcing results for the October-ending quarter on Nov. 16.

Breakouts continued among real estate investment trusts, and Four Corners Property Trust (FCPT) was the latest to fit the bill. The owner of restaurant properties climbed above the 26.04 entry of a flat base in about average volume.


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Originally posted 2017-11-09 01:07:24.


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