The major indexes closed at fresh record highs Friday as the market made a broad advance.
The Nasdaq composite climbed 0.3%, the S&P 500 0.4% and the Dow Jones industrial average 0.5%. Indexes came off session highs in the final couple of hours but held to more than half the day's winnings. The small-cap Russell 2000, Dow utilities and Dow transports outperformed with 0.7% gains.
Volume was higher on the Nasdaq and lower on the NYSE, according to early numbers. Breadth was strong: Winners topped losers by 13-to-5 on the NYSE and by 17-to-9 on the Nasdaq.
Indexes closed higher for the week, which saw consumer and metals stocks make some of the best strides. Apparel, toy, retail, RV, video game, steel and mining were some of the top 20 industry groups for the week.
Game software was the best industry group in today's trading after Activision Blizzard (ATVI) catapulted 19% on strong earnings. The stock closed in buy range from the 45.65 buy point.
Apparel stocks also led despite the fact that Under Armour (UAA) has been a drag on the group. Columbia Sportswear (COLM) leapt more than 12% after earnings for the fourth quarter beat expectations. The stock surged above its 50-day and 200-day moving averages and continues to form an undefined pattern.
Fiber optics was a hot industry, thanks largely to Infinera's (INFN) 27% surge on its Q4 results. Its per-share loss beat estimates, and analysts believe the optical communications device maker's revenue growth is rebounding. The stock, however, is rebounding from a severe decline that started in August 2015.
Despite a low ranking, the industry group is sparkling with other fast-rising stock such as Lumentum (LITE) and Finisar (FNSR).
But the telecom infrastructure group was Friday's worst, something that could be rightly blamed on Ubiquity Network's (UBNT) 17% implosion. The stock gapped below its 50-day line in huge volume, causing a sell signal. The company's December-period earnings missed estimates late Thursday.
In the finance sector, Piper Jaffray (PJC) broke out of a cup-without-handle base, clearing the 77.90 buy point. Volume was a little higher than average. The investment bank's earnings on Feb. 2 beat expectations, which sent shares back above the 50-day line and up the right side of the base.
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