April Webinar RegistrationApril Webinar Registration


Stocks Extend Gains; Small Caps Soar; Tesla, Biotechs Boost Nasdaq

Loading the player...

Major stock indexes ended with solid gains Wednesday, even after the minutes from the December Fed meeting signaled that rate hikes could come at a faster pace.

Small caps outperformed, with the Russell 2000 up more than 2%. The Nasdaq composite jumped 0.9%, helped in part by strength in Tesla (TSLA), biotech and retail stocks. The S&P 500 added 0.6% and the Dow Jones industrial average rose 0.3%. Preliminary data showed volume on the Nasdaq coming in close to Tuesday's levels. Volume on the NYSE was about 10% lower.

Interest rates didn't move much on the Fed minutes. The 10-year Treasury yield was recently unchanged at 2.45%.

Arista Networks (ANET) was a big gainer in the IBD 50, rising nearly 5% to 101.73. It completed a three-weeks-tight pattern last week with a 99 entry. The IBD 50 basically mirrored the performance of the Russell 2000, with nearly 20 names up 2% or more.


IBD'S TAKE: Arista is a leader in the networking group, but other stocks in the group are acting well. See who they are with IBD Stock Checkup.


In the stock market today, Tesla was one of the best percentage gainers in the Nasdaq 100, rising 4.6%. Late Tuesday, the company missed its guidance for 2016 vehicle deliveries. Investors seemed encouraged by news the company has started production of lithium-ion battery cells at its Nevada plant.

Apple (AAPL) eased 0.1% to 116.02 after the company confirmed a $1 billion investment in SoftBank's technology fund. Apple is working on a cup-with-handle base with a 118.12 buy point.

In the biotech space, Incyte (INCY) added 0.5% to 102.84 as it works on a flat base with a 110.05 buy point.

Nvidia (NVDA) bounced back after shedding 13% in the prior four sessions. Shares rose 2.3%. The stock was helped by positive comments from Citigroup.

At the New York Mercantile Exchange, February West Texas Intermediate crude oil futures rose 93 cents, or 1.8%, to settle at $53.26 a barrel.

RELATED:

Nvidia Price-Target Hiked On 2018 Auto Sales Outlook

Apple Invests $1 Billion In Softbank Vision Fund