The stock market closed higher as a burst of buying in the final minutes gave gains for all three major indexes.
The Nasdaq composite led with a 0.4% gain. Amazon.com (AMZN), one of its largest components, inched to a new high. The S&P 500 added 0.2%. The Russel 2000 was flat but pared losses.
The Dow Jones industrial rose a fraction. UnitedHealth Group (UNH), a member of the Dow industrials, was mostly responsible for the average's lag. The health insurer slid 4% on news that the Department of Justice joined a whistleblower suit accusing UnitedHealth of overcharging for Medicare.
Volume rose on the NYSE but fell on the Nasdaq, according to early numbers. Friday was an options-expiration session, which may have explained the last-minute surge in trading.
New issue Impij (PI) tumbled 12%, falling below the 50-day moving average, after the the maker of RFID chips beat Q4 expectations but gave weak earnings guidance for the current quarter. Impinj had been forming a faulty pattern, in which a handle was too low in the base.
Granite Construction (GVA) slid 3% to the lowest level since Nov. 8 but trimmed a much larger loss. The heavy construction company missed Q4 profit estimates. The company blamed softness in its large project business, but had an upbeat outlook on expectations of big spending on infrastructure.
"Today, public-funding trends are poised to improve. So as the momentum across the country grows, our outlook continues to improve," CEO James H. Roberts said in the earnings release. The comments echoed those of Martin Marietta (MLM), another construction company that missed views on Feb. 14 but sounded optimistic about future contracts.
A few top-rated stocks broke out of bases.
DigitalGlobe (DGI) soared past the 33.15 buy point of a base-on-base pattern. The satellite imaging company is in talks to be acquired by Canadian satellite firm MacDonald Dettwiler & Associates, The Wall Street Journal reported. Volume was about eight times more than normal.
Grand Canyon Education (LOPE) rose above the 61.90 buy point of a flat base as volume swelled, but the stock backtracked and closed below the entry. The private college operator beat profit expectations late Thursday, as EPS climbed 25% to $1.01. Enrollment jumped 9.9% to 81,908 as of Dec. 31.
AMN Healthcare (AMN) inched above the 40.50 buy point of a cup-with-handle base. The medical staffing services company reported adjusted earnings of 62 cents a share, an increase of 32%.
The stock market will be closed Monday for Presidents Day. On Tuesday, the retail sector will be in focus as three key companies announce earnings: Home Depot (HD), Macy's (M) and Wal-Mart (WMT). The PMI Manufacturing Index flash reading comes out at 9:45 a.m. ET.
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