A smart rally in the morning faded in the afternoon as the major indexes finished mixed.
The Nasdaq held onto a gain, closing up 0.3%. The S&P 500 gave up 0.1%, and the Dow Jones industrial average sank 0.5%. The Russell 2000 index of small-cap stocks outperformed with a 0.4% gain. Volume was higher than Friday's holiday-lightened pace on both main exchanges, according to preliminary figures in the stock market today.
TransDigm (TDG) gapped up and closed nearly 3% higher. It's now extended from its May 10 breakout. The company joins the S&P 500 after the close June 2.
The fading rally led to a number of negative reversals of stocks that made promising advances in the morning. One was Acuity Brands (AYI), which broke out of a flat base after the open. It finished up 1%, but couldn't hold above a 260.93 buy point. Volume was tracking above average in the morning, but finished barely average.
How does Acuity Brands stack up to other leading stocks?
Gold miners were among the strongest industry groups, up about 3%, although gold was up only modestly. Biotechs were also strong.
Retail stocks, banks and department stores were among the poorest performers on the day.
