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Stocks Finesse A Mixed Finish As Health Care Vote Lifts Confidence

X The major indexes rose to a mixed close Thursday, as a successful health care reform vote in Congress outweighed the negative effects from a sharp dive in oil prices.

The S&P 500 and the Nasdaq rebounded from midsession lows to grasp fractional gains at the closing bell. The Dow Jones industrial average fought a good fight, also rising from lows to end with the thinnest of losses. Small caps lagged, with the Russell 2000 ending down 0.2%.

A 217-213 vote in the House of Representatives moved the GOP health care reform bill — the American Health Care Act — through to the Senate, moving Congress closer to its pledged repeal of the Affordable Care Act.

Oil prices clearly hindered the session, with West Texas Intermediate crude dropping nearly 5% to below $46 a barrel — its lowest price since Nov. 29. Oil-related stocks posted five of the S&P 500's 10 widest losses. Oil-related industries posted four of the session's five worst losses. Caterpillar (CAT), which has a high correlation to oil prices, tumbled 2.3% to the bottom of the Dow industrials, followed closely by Chevron (CVX), down 1.8%, and Exxon Mobil's (XOM) 1.3% decline.

Among the stocks pounding out big gains on earnings, Railcar America (RAIL) spiked 23%, Air Transport Services Group (ATSG) soared 18%. Fitbit (FIT) rose 12% and fiber optic communication gear maker Lumentum Holdings (LITE) notched an 11% gain.

Regeneron Phamaceuticals (REGN) was the top dog among S&P 500 stocks, springing up 7% despite reporting mixed Q1 results. But robust sales of its Eyelea treatment for macular degeneration cheered investors, sending the stock to less than 5% below a 453.06 buy point in a flat base. Aggressive investors may have charted an alternative buy point at 401.31.

Animal health drugmaker Zoetis (ZTS) clawed out a 6% gain after delivering first quarter results above analyst targets. The move retook a 56.60 buy point in a three-month flat base. Shares ended extended above the buy point and at a new high.

Ferrari (RACE) swept ahead 7%, stretching to new highs and extending a rebound from the 10-week line in April.

On the downside, Avon Products (AVP) crumbled 20% and steel producer Ryerson Holding (RYI) collapsed 15%.

Facebook (FB) posted a mild 0.7% loss after reporting stronger-than-expected earnings and sales growth in the first quarter. Jefferies lifted the stock's price target to 192, from 175, following the late Wednesday report. Shares remain extended after an April rebound from the 10-week moving average.

Tesla (TSLA) dropped 5%, erasing all but 3% of the stock's gain above a flat-base buy point of 287.49. It received a price upgrade, to 190 from 185, from JPMorgan, but the brokerage continues to be cautious on the stock, giving it a market weight rating.

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