Stocks posted a flat finish ahead of the extended Memorial Day weekend on Friday, after a boisterous week that drove all three major indexes to their highest weekly closes on record.
The Dow Jones industrial average ended flat just above 21,080. The S&P 500 gained less than 0.1%, signing out above 2415. The Nasdaq rose almost 0.1%, showing 6210 at the closing bell.
Although the overall session was quiet, with volume tracking well below Thursday's levels, fiber optic telecom plays rallied.
The trigger appeared to be Infinera (INFN), which jetted up 9% after an upgraded to outperform from market perform from Wells Fargo. Applied Optoelectronics (AAOI) surged 5% in above-average trade, taking a new high. Acacia Communications (ACIA) and Oclaro (OCLR) rose more than 3% each.
Walt Disney (DIS) easily scored Friday's top advance among Dow components, rising 1% and leaving the stock with its first weekly gain in four weeks. Disney shares found support at their 40-week line last week, and posted a tight close this week. Both are signs of institutional support.
Home Depot (HD) took the Dow's low score for the day with a 1% loss. The stock has been trading tight and flat since late April, unable to pierce resistance near 160.
U.K.-based drugmaker Mallinckrodt (MNK) batted out the S&P 500's best move, up more than 5% in solid trade.
Ulta Beauty (ULTA) was also a big S&P 500 winner, ending the week ahead 3% after two days of make-up gains following a 3.5% sell-off Wednesday. That sell-off triggered a sell signal, but undercut a flat base buy point by only 4% — avoiding a rule to sell after a loss of 7% to 8%. Shares retook the buy point on Thursday, and ended extended beyond buy range after Friday's 3% gap-up gain that followed Ulta's stronger-than-forecst Q1 report, delivered late Thursday.
IBD 50 stock Floor & Decor Holdings (FND) spiked 11%, obliterating a 39.59 buy point in an eight-day IPO base. Wells Fargo initiated coverage with an outperform rating and a 40 price target, and Standard & Poor's upgraded the stock's credit rating to a B-. Shares ended the session 102% above the stock's April 27 IPO price.
Veeva Systems (VEEV), also an IBD 50 stock, rumbled 8% higher as Bank of America upgraded the stock to buy after a strong first-quarter report delivered late Thursday. The stock has climbed 39% since clearing a 48.05 cup-base buy point in March.
Oil rose almost 2% Friday, narrowing its loss for the week to 1% — no mean feat after diving almost 5% on Thursday. West Texas Intermediate settled at $48.90 per barrel. Gold added almost 1% on Friday, and ended the week with a gain of just over 1%.
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