The stock market was higher Wednesday as Nike (NKE), oil and banking stocks gave the Dow industrials a lift.
The Dow Jones industrial average added 1.5%. Dow component Nike overcame a mixed quarterly report to climb 2.5% in heavy volume. Shares are bouncing back from a 10-month low. Nike's sales and orders missed estimates, causing a divided opinion among analysts.
The Nasdaq was up 1.9%, and the S&P 500 was higher by 1.6%. Small caps led as the Russell 2000 surged 2.2%. The Dow transports were rallying too, rising 2.5%.
Volume was higher on the Nasdaq and lower on the NYSE compared to the day before. Winners led losers by more than 7-to-1 on the NYSE and by a less-euphoric 3-to-1 on the Nasdaq.
Major banks and financial firms such as JPMorgan Chase (JPM) and BlackRock (BLK) were bouncing as the Brexit shock seemed to wear off. Some major banks also are expected to get federal Reserve approval to raise dividends after the market close.
Shares of the Japanese company, one of the largest telecoms in the world, have been ascending since the start of 2015. The advance of more than 85% is all the more impressive because telecom stocks rarely make such powerful gains. NTT's climb has coincided with a turnaround in profits.
Constellation Brands (STZ) was up 0.5% after trimming a larger gain. Still, the stock held above its 50-day moving average. The bottler of Corona beer and other alcoholic products has been forming a base with a 165.91 buy point. Much of the pattern has formed below the 50-day line, which is a weak spot in the chart and why the move above the line is significant.
Constellation Brands is due to report earnings on Thursday.
Medivation (MDVN) was one of the best-performing stocks on the IBD 50, rising nearly 5% in above-average volume. Shares gapped up above the 50-day moving average and were getting closer to the 63.04 buy point of a flat base.
CNBC reported Tuesday that French drug maker Sanofi (SNY) is preparing to raise a hostile bid for Medivation, a cancer-drug biotech company. The new bid could be at least $60 a share. Sanofi has offered $52.50 a share.
