Stocks extended gains Tuesday afternoon, helped in part by a big jump in consumer confidence.
The Nasdaq and Dow Jones industrial average added 0.7% as the S&P 500 climbed 0.5%. Small caps lagged with the Russell 2000 up 0.1%. Volume on the NYSE and Nasdaq was tracking slightly higher than Monday's levels.
According to The Conference Board, confidence jumped to 104.1, nicely above the consensus estimate of 98.8. Separately, home prices in 20 U.S. cities continued to gain at a solid pace in July, according to the latest data from S&P CoreLogic Case-Shiller.
Amgen (AMGN) lost more than 1%, testing its 50-day line. Amgen said its multiple myeloma treatment Kyprolis, in combination with other drugs, showed disappointing results in a late-stage trial involving newly diagnosed patients. Amgen got the drug when it acquired Onyx Pharmaceuticals for $10 billion in 2013. Kyprolis is currently approved to treat multiple myeloma in patients who no longer respond to initial therapy.
China-based Weibo (WB) jumped 4% in heavy volume but it's well extended after clearing a cup-with-handle base in early April.
IBD'S TAKE: Due to strong fundamentals and leading price performance, several other China-based stocks are well represented in the latest IBD 50 screen of leading growth stocks.
Facebook (FB) added 1% to 128.63 a price target hike from JPMorgan, just retaking its 128.43 buy point. An analyst said the social networking giant is positioned to significantly boost its ad revenue. Facebook first broke out from the 128.43 pivot earlier this month, but the breakout stalled.
At the New York Mercantile Exchange, West Texas Intermediate crude oil gave back all of Monday's gain, slumping nearly 4% to $44.25 a barrel as hopes for an output cut this week dimmed.
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