Tech Stocks, Small Caps Lead Stock Market Rally; Advanced Micro Soars

Tech stocks and small cap stocks were in the driver’s seat near midday Friday as the stock market digested strong job growth in June as well as the start of tariffs on $34 billion in Chinese imports.


Early gainers in the Nasdaq 100 included Biogen (BIIB). Shares of the biotech giant soared 15% after the company reported positive Phase 2 trial data for an Alzheimer’s drug.

The Nasdaq composite led the way, up 1%, and the Russell 2000 small-cap index added 0.7%. The S&P 500 rose 0.7% and the Dow Jones industrial average picked up 0.4%. McDonald’s (MCD), Merck (MRK) and Walgreens Boots Alliance (WBA) led the blue chip index with gains of 1% or more.

The stock market rally was fueled in part by better-than-expected job growth in June. The economy created 213,000 jobs, topping the consensus estimate of 190,000. The unemployment rate rose to 4% from 3.8% in May.

Tech Stocks Rally

In stock market results today, tech services company ManTech International (MANT) jumped nearly 8%, helped by positive comments from SunTrust Robinson Humphrey.

In the semiconductor space, Advanced Micro Devices (AMD) was a top gainer in the MarketSmith Growth 250, up more than 4%. It’s still in buy range from a conventional entry of 15.75.

Netflix (NFLX) was a heavy-volume gainer, up 1.5%. Netflix is a member of Leaderboard and was the best performing FANG stock Friday. Facebook (FB) also did well, up 1%, on the heels of a big price target hike Thursday from BTIG.

Inside the IBD 50, four names rose 2% or more, including Lululemon Athletica (LULU). Shares were up nearly 3% after Bank of America raised its price target to 140 from 121.

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Originally posted 2019-09-19 23:16:30.


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