The stock market held decent gains near midday Tuesday, cheered by strength in European stock indexes overnight.
Amazon.com (AMZN), Facebook (FB) and NetEase (NTES) outperformed in the Nasdaq 100, while Visa (V) and Travelers (TRV) led the Dow.
Amazon found support at its 50-day moving average, while NetEase closed in on a 179.20 cup-with-handle buy point. Shares of NetEase were recently trading around 172.
The Nasdaq led the way, rising 1.5%, helped by strength in semiconductor stocks and biotechs. The S&P 500 added 1.1% and the Dow Jones industrial average picked up 0.9%. Winners topped losers on both exchanges by about a 4-1 margin.
Gains in the U.S. weren't quite as good as those in Europe overnight. The Paris CAC 40 and London's FTSE 100 each rose 2.6%, while the German DAX added 1.9%
In the stock market today, growth stocks showed signs of life after the market's two-session sell-off. Strong performers in the IBD 50 included Dycom (DY) and Dave & Buster's (PLAY). Dycom is a member of the Leaderboard portfolio at investors.com.
How does your stock rank in its industry group? Find out now at IBD Stock Checkup.
In economic news, home prices rose in April according to the latest data from S&P/Case Shiller. Its 20-city composite index increased 5.4% compared with the year-ago period. Meanwhile, the final revision to Q1 GDP came in at 1.1%, slightly above the consensus estimate for 1% growth.
Consumer confidence for June came in well above expectations, according to the Conference Board. Its index rose to 98, well above the consensus estimate of 93.3 and above the last reading of 92.6.
