The Nasdaq hammered out a ninth straight advance on Wednesday, rising 0.6% to seize a new high and record its longest win streak since February 2015.
X At the head of the Nasdaq 100, Vertex Pharmaceuticals (VRTX) soared 21% and Discovery Communications (DISCA) leapt 4%. Railroad CSX (CSX) brought up the rear with a 5% decline following the latest earnings report.
The S&P 500 scrambled ahead 0.5%, while Dow Jones industrial average managed a 0.3% gain, despite a 4% nose-dive by IBM (IBM) after reporting Q2 results late Tuesday. DuPont (DD), Boeing (BA), Cisco Systems (CSCO) and UnitedHealth (UNH) made up the difference with gains of more than 1% each.
Oil Stocks Lift S&P 500; Vertex Leads S&P 500, Nasdaq 100
Tech issues grabbed the headlines, with names like Vertex and ASML Holding (ASML) rocketing to new highs. But oil-related industries took five of the top 10 gains among industry groups during the session. Oil prices jumped nearly 2% following some positive supply data from the Energy Information Administration.
Oil-related stocks led by Transocean (RIG) and Murphy Oil (MUR) notched eight of the top 10 gains among S&P 500 stocks.
Other industries posting top-10 gains for the day included fiber optics and solar energy stocks. The mail order retailers group also notched a top-10 gain, as Liberty Interactive QVC (QVCA) rose 3%, apparently in response to reports that cable content operators Discovery Communications and Scripp's Networks Interactive (SNI) were in talks regarding a possible combination. The news drove Discovery shares to the highest level since early May. Scripps vaulted 15%, taking the No. 2 gain among S&P 500 stocks.
Earnings drove a broad portion of the day's action, with Morgan Stanley (MS) gaining 3% in heavy trade and retaking a 46.08 handle buy point following a strong second-quarter report.
Transport had a tough day, with railroad CSX and airline United Continental (UAL) taking heavy losses after their earnings reports.
Among leaders, IBD Leaderboard issue Vertex soared 21%, after narrowing its early 27% gain. Another Leaderboard name, Trade Desk (TTD), posted an nearly 10% advance in heavy trade. The stock found support at its 50-day moving average.
About two-thirds of the IBD 50 advanced, with TTM Technologies (TTM), Ichor Holdings (ICHR) and Nova Measuring (NVMI) leading the pack. TTM remained in a buy range above an 18.95 buy point in a flat base. Ichor was back above its 10-week line and climbing the right side of a possible six-week base pattern. Nova was also back above its 50-day line and forming a base with a 28.51 buy point.
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