Price action was quiet in the major averages Friday, but it didn't stop the Nasdaq composite from hitting a record high on an intraday basis.
The Dow Jones industrial average, S&P 500 and Nasdaq ended mixed and mostly unchanged, capping another week of tight trading. Preliminary data showed volume on the Nasdaq and S&P 500 coming in higher than Thursday's levels. Options expired Friday, one reason behind the higher volume.
Breadth was pretty good with advancing stocks having the edge over decliners on both exchanges by about 3-to-2.
April West Texas intermediate crude oil edged higher, ending the week at $48.78 a barrel. The 10-year Treasury yield was recently down 4 basis points to 2.5%.
In the stock market today, MuleSoft (MULE) had a solid debut in its first day of trading. Shares priced last night at 17, above the proposed range of 14-16, and ended at 23.75.
Canada Goose (GOOS), meanwhile, followed through after Thursday's debut, rising another 7% to 17.21. Canada Goose makes premium winter jackets that can sell for as high as $1,000. It priced Wednesday near 12.75.
IBD'S TAKE: You can find extensive coverage of the new-issue market with the Stock Lists tab on the home page.
Steel Dynamics' (STLD) gains faded but still rose nearly 3% to 36.34 on bullish earnings guidance. Group peer Nucor (NUE) offered similarly bullish guidance Thursday. Steel Dynamics is in a 14-week consolidation that shows a conventional entry at 40.27. Nucor is still trying to clear a cup-with-handle base with a 65.50 buy point.
In earnings, Tiffany (TIF) and Adobe Systems (ADBE) were nice winners, up 2.7% and 3.8%, respectively. Tiffany topped earnings forecasts and gave strong guidance, while Adobe reported its seventh straight quarter of 20%+ sales growth.
NetEase (NTES) was a nice gainer in the IBD 50, up nearly 3%. The China name is a good example of what an orderly pullback looks like after a breakout. It could be poised for a test of the 10-week moving average, which happens to be near the stock's last buy point of 257.78. TAL Education (TAL), another China-based IBD 50 component, outperformed with a gain of nearly 4%.
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