The stock market was nicely higher near midday Wednesday as Brexit concerns stayed on the back burner for a second straight session.
The Nasdaq rose 1.6%, helped by a strong showing from China-based NetEase (NTES). The S&P 500 added 1.4%, as oil and gas names did the heavy lifting. The Dow picked up 1.3%. Chevron (CVX), Merck (MRK) and Nike (NKE) were early leaders. Volume on the NYSE and Nasdaq was tracking close to Tuesday's levels.
At the New York Mercantile Exchange, crude oil benefited again from dollar weakness and a decline in U.S. crude inventories. WTI crude for August delivery rose nearly 3% to $49.08 a barrel.
The Nasdaq and S&P 500 both gapped up but still have potential resistance levels to watch. For the Nasdaq, it's just above the 4800 level. For the S&P 500, it's the 50-day moving average around 2076.
IBD 50 component NetEase jumped nearly 5% to 181. Breakouts have generally been having a tough time in the current market, but NetEase cleared a cup-with-handle base with a 179.20 buy point.
In the stock market today, LED lighting specialist Acuity Brands (AYI) gained nearly 2% to 249 after reporting strong earnings before the open. Quarterly profit rose 40% from a year ago to $2.06 a share. Sales increased 25% to $851.5 million. A 260.93 buy point is still in play, but Acuity still needs to get above its 50-day line (currently around 251).
Results from Paychex (PAYX) are due Thursday before the open. Shares rose 1.1% to 56.14. It's near highs and still in buy range from a 54.67 buy point.
Biotech Tesaro (TSRO) more than doubled in price to 80.20 after its ovarian cancer drug did well in a late-stage trial.
Leaderboard name Amazon.com (AMZN) extended gains after a bounce off its 50-day moving average Tuesday. Shares rose 1.3%.
