The stock market closed near session highs, making some hefty gains as Nasdaq heavyweights Facebook (FB) and Alphabet (GOOGL) seemed to find a second wind.
X The S&P 500 climbed 0.9%. Mining, steel and coal were the best-performing industry groups of the day, rallying as much as 4.5%. The Dow Jones industrial average added 0.7%. Small caps sprung back to life as the Russell 2000 leaped 1.4%. Volume fell, according to unconfirmed figures.
The Nasdaq increased 1.4% also. Of importance to chart readers, the composite bounced after pulling back to its 50-day moving average. A few of the Nasdaq's top components made similarly positive moves at that key price indicator.
Google parent Alphabet made a bullish price reversal, closing with a gain of 1.3% and slightly back above the 50-day moving average. That line has continued to trend higher despite Alphabet's sell-off two weeks ago. Facebook found support at the 50-day line much the same way the Nasdaq did. Microsoft (MSFT) reversed higher after a brief dip below its 50-day line.
Financials continued the week's advance, and several high-rated stocks in the sector topped buy points. But in most cases, volume was insufficient to believe institutional investors were buying heavily.
Raymond James Financial (RJF) broke out of a cup-with-handle base, clearing the 79.65 buy point. Volume rose 40% above average, a good indication of institutional buying. The financial services firm ramped up earnings 45%, 66% and 42% the past three quarters.
Fair Isaac (FICO) rose above the 139.10 buy point of a base-on-base pattern. Shares closed above the entry, but volume was about just average. The consumer credit-rating agency has a mediocre EPS Rating, but its chart shows constructive action.
Guaranty Bancorp (GBNK) moved past the 26.60 buy point of a cup with handle, but volume in this move was about half the stock's normal volume. Lazard (LAZ) tried to break out past the 47.19 buy point of a flat base, but closed below the entry. Volume was 27% below average, which only added to doubts about the breakout attempt.
Only a dozen stocks fell in Stocks On The Move, an unusually low number. On that list, Gildan Activewear (GIL) broke a productive streak as it tumbled 2% in active trading. The stock is still 5% above its 29.34 buy point. The company announced late Tuesday the resignation of Patrik Frisk from its board to become chief operating officer at Under Armour.
RELATED:
JPMorgan, Bank Of America Lead Bank Rally Amid Strong Payout Hopes
Goldman: TrumpCare Is Toast, S&P 500 Falling To Here By Year's End
Facebook: 2 Billion Served And Counting As Milestone Reached
