Stocks closed off intraday highs but extended their win streak to four ahead of the July 4 holiday, as the Nasdaq led amid gains from Apple (AAPL), Netflix (NFLX) and Tesla (TSLA).
The Nasdaq rose nearly 0.5%, the S&P 500 climbed 0.2%, and the Dow ticked up 0.1%. Volume was lighter across the board vs. Thursday, according to preliminary figures. All three indexes scored weekly gains of more than 3% apiece, despite an ugly start to the week on continued fallout from Brexit.
Gold miners, steel and oil stocks led the upside in today's stock market action. Banks, food and managed care stocks underperformed.
Apple climbed 0.4%, nearly regaining its 50-day moving average, a potential level of resistance. It's closed below the support line since late April. The iPhone maker is in talks to buy Jay Z's music streaming service Tidal, according to the Wall Street Journal. Tidal has about 3 million to 4 million paid subscribers and features exclusive content from certain artists.
Netflix gapped up and rose 6% in fast turnover, reclaiming its 50-day line. Canaccord Genuity began covering the internet TV network Friday with a buy recommendation and a 120 price target. Netflix is expected to enter China soon.
Tesla reversed higher to close with a 2% gain, after falling as much as 3% earlier amid news federal regulators had launched an investigation into a fatal May crash in which the driver was using the electric car's "Autopilot" feature. Tesla shares stretched their win streak to five as they approach the 200-day line.
On the IBD 50, Thor Industries (THO) took the lead with a 7% jump in heavy volume, marking a record best intraday. The recreational vehicle maker said early Friday it's buying Jayco, a maker of motorhomes and travel trailers, for $576 million in cash.
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NetEase (NTES) was the biggest loser, down 4.5% in above-average trade and back into buy range from a 179.20 cup-with-handle entry. A pullback is expected, given the stock's 16% advance during the previous three sessions.
In economic news, the Institute for Supply Management's index of manufacturing activity climbed to 53.2 in June from 51.3 in May, topping economists' forecasts. Construction spending fell a higher-than-expected 0.8% in May.
The stock market is closed on Monday for the Independence Day holiday. A light economic data schedule Tuesday includes factory orders for May and Gallup's U.S consumer spending measure for June. New York Federal Reserve President William Dudley is also slated to speak.
