Stocks End First Quarter On High Note As FANG Names Rebound

Stocks ended firmly higher Thursday, helped in part by a rebound in FANG stocks on the final trading day of the first quarter.


At the close, the Nasdaq composite rose 1.6%, the S&P 500 added 1.4% and the Dow Jones industrial average rose 1.2%. Preliminary data showed volume on the NYSE and Nasdaq coming in lower than Thursday, not surprising ahead of the long holiday weekend.

Top gainers in the Dow included Intel (INTC), Exxon-Mobil (XOM) and Boeing (BA). Inside the Nasdaq 100, Nvidia (NVDA), Lam Research (LRCX) and Intuitive Surgical (ISRG) outperformed with gains of around 4% to 5%.

FANG Stocks On The Move

In the stock market today, Facebook (FB) bounced back 4%, but the strength did little to repair damage done to the stock in recent days. Still, Wall Street liked news the company plans to scale back its ad-targeting offerings. (AMZN), meanwhile, pared losses after plunging 4.6% intraday. Shares fell sharply in the early going after President Trump tweeted that the online retailer does not pay enough in taxes. But Amazon showed resilience, ending near its session high, up 1%.

Netflix (NFLX) reversed higher to just above the 50-day moving average. Shares rose more than 3%.

In IPO news, Baidu (BIDU) spinoff iQiyi (IQ) priced last night at 18, right at the midpoint of the proposed range of 17-19. Shares opened at 18.20 but closed at 15.55.

Leaderboard name Lululemon Athletica (LULU) followed through after Wednesday’s bullish gain on earnings. Shares jumped 9% Wednesday and rose another 3.7% Thursday.

Inside the IBD 50, well over half the names in the index rose 2% more. Top gainers included Arista Networks (ANET), Casa Systems (CASA) and MKS Instruments (MKSI), among others.

A reminder: The stock market will be closed Friday in observance of Good Friday.


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Originally posted 2019-09-19 23:11:54.


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