Stocks Higher As Boeing Helps Dow Lead The Market | Stock News & Stock Market Analysis

The stock indexes reached record highs Tuesday afternoon as the market continued its superb start to 2018.

X The Dow Jones industrial average led with a 0.5% increase, thanks mainly to Boeing’s (BA) 2.6% rally to new highs and Johnson & Johson‘s (JNJ) breakout from a base on base pattern.

Boeing said today it delivered 763 commercial jets in 2017 from 748 in 2016. The company ramped up production of the 737 midrange plane, and its order backlog hit a record 5,864 jetliners.

The S&P 500 and the Nasdaq added 0.3%. Both have yet to post a single-day loss since the start of the new year. The Russell 2000 climbed less than 0.2% but still made a new high as well.

Volume was running higher compared with the same time Monday.

Financials were a leading sector after the yield on the benchmark 10-year Treasury note rose to 2.53%, the highest level since last March. Superregional banks, regional banks and brokers were among the industry groups up more than 1% today.

Raymond James Financial (RJF), TD Ameritrade (AMTD), PNC Financial (PNC) and Ameriprice Financial (AMP) were among the financials rising in unusually high volume. Some of those hit new highs.

Dozens of stocks broke out past buy points in today’s market, but some had suspicious behavior.

Global Payments (GPN), for example, topped the 105 buy point of a flat base but the stock in the afternoon surrendered most of Tuesday’s gain. Volume wasn’t big enough to make the breakout convincing, either.

RealPage (RP) topped a 46.90 entry but volume was one-third less than average. Labor outsourcing firm Aramark (ARMK) cleared a cup with handle entry but volume also was light.

Chip stocks lagged, with the Philadelphia Semiconductor Index off 0.7%.

In the internet sector, Grubhub (GRUB) fell more than 3% and is now testing the 10-week moving average. The stock remains well extended from a breakout at 57.71 in October.


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Originally posted 2018-01-09 19:38:53.


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