U.S. stock indexes tacked on small gains midday Tuesday as the S&P 500 index marked a new high.
X The small-cap Russell 2000 led with a 0.5% gain. The Dow Jones industrial average rose 0.3%, while the S&P 500 added 0.2%. The Nasdaq added 0.1%. Volume in the stock market today inched up on the NYSE but fell on the Nasdaq.
The S&P 500's new high came a day after the Dow Jones utility average scored a new high. While the utility average's new high might suggest a lack of boldness in the stock market, it isn't necessarily so. The growth-oriented Innovator IBD 50 Fund (FFTY) also pegged a new high Monday and Tuesday. The exchange-traded fund debuted on the market in April 2015 but didn't find consistent traction until February 2016.
So, the current stock market is rewarding a mix of strategies.
Stocks moving up midday Tuesday were a motley group. They included China-based stocks such as TAL Education (TAL), up 1.5%; China Lodging (HTHT), up 1%; Sina (SINA), up 1%; and Alibaba (BABA), up 1%.
Other areas showing strength included banks, oil and heavy construction.
Western Alliance Bancorp (WAL) gapped up 3% in moderately higher volume. On Monday, the stock gapped up 2.8% in volume 89% above average. Western Alliance is still below its 50-day and 200-day lines.
Other banks rising smartly included Goldman Sachs (GS), up 2% as it retook its 50-day moving average; Citigroup (C), up 1.5% as it climbed above its 50-day line; and Bank of America (BAC), up 2% as it reclaimed its 200-day line.
Winners in the oil patch included: Schlumberger (SLB), which added about 0.8% as it padded a recent gain above its 50-day line; and Halliburton (HAL), up 2% as it tried to retake its 50-day line.
In the heavy construction group, Layne Christensen (LAYN) powered about 6% higher in heavy volume. The company reported a quarterly loss but earnings were still 21% above the consensus estimate.
Among IBD's 197 industry groups, home furnishings held the top spot for the day. Only two stocks in the group have a Composite Rating of at least 90. They are RH (RH) and August 2016 initial public offering At Home (HOME). The Composite Rating combines all five IBD ratings into a single number. A rating of 90 means the stock is rated in the top 10% among all the stocks in IBD's database.
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