Stocks rumbled to a solid finish Friday in a week that left two of the three major indexes at fresh highs and the other with its strongest performance of the year.
The Nasdaq seized a 0.6% gain, with NetApp (NTAP) and Seagate Technology (STX) leading the Nasdaq 100. Apple (AAPL) rose 0.9% to end flush with its 50-day moving average.
The S&P 500 clocked a 0.5% advance, while the Dow Jones industrial average steered 0.4% higher.
For the week, the Nasdaq nailed a 2.6% advance to lodge its best week since early December, and ending within three points of its June 9 high. The S&P 500 climbed 1.4%, moving to a new high, while the Dow industrials swung up 1% to ace another fresh high.
Microsoft Tops Buy Point; YY, NetApp Break Out
Among the Dow's stocks Microsoft (MSFT) and Wal-Mart (WMT) duked it out for the top slot. Microsoft closed just below a 72.99 buy point after rising as high as 73.27 intraday in average volume from a flat base. Wal-Mart's fourth-straight advance positioned it for a test of resistance at its 50-day moving average.
Among IBD 50 stocks, China's YY Inc. (YY) was the highflier, up 9% in big trade. That left shares still in buy range above two alternative buy points in a flat base, an aggressive one at 60.94 and a regular one at 61.62.
NetApp led a rebound among data storage names, surging 5.5% in weighty trade to break out past a 43.24 buy point and nail a new high. Other names in the group include Seagate Technology, which popped 3% in mild trade.
Retail and banking groups posted nearly all of Friday's worst losses among the 197 industry groups tracked by IBD. High-end names like RH (RH) and Williams-Sonoma (WSM) led the declines in the worst-hit home furnishings retail group. Group 1 (GPI) and Penske Automotive (PAG) paced the downside among the session's hard-hit auto dealerships.
Big banks including JPMorgan (JPM), Citigroup (C) and Wells Fargo (WFC) sharply trimmed their early losses after reporting quarter results, but the selling had already spread to the superregional and regional banking groups. A softer than expected rise in core consumer prices for June further eased pressure on the Fed to press for the additional rate hikes that are already valued into many banking stocks.
Gold miners and solar energy plays were Friday's top advancers among industries.
China receives official estimates for second-quarter GDP as well as June industrial production and retail sales late Sunday, which could affect U.S. trade to start the week. Netflix (NFLX) reports its second-quarter results after Monday's close.
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