The main stock indexes were bouncing back after a midday fade as a jump in Facebook (FB) shares helped give the technology sector a bit of a respite.
XThe Nasdaq composite was up 0.6% but off its peak gain of 1%. The S&P 500 climbed 0.8% and the Dow Jones industrial average was up 1.1%. Small caps were about par with the rest of the market, with the Russell 2000 up 0.6%.
It's a good day for the energy sector, and Dow component Chevron (CVX) climbed back above the 50-day moving average. It's still quite a ways from a new buy area, though. Steel and other metals industry groups were performing best.
The market is still looking to mount a good rally attempt. Nasdaq bounces on March 26 and March 29 failed to bring continued buying and indexes slid into new lows. On Wednesday, the market tried at a new bottom, but the jury is out on the success of that rally attempt.
Facebook, FANG Stocks Rally
Facebook gapped up after CEO Mark Zuckerberg assured investors that he sees no meaningful impact from the scandal and its aftermath. The stock remains nearly 20% off its high and in the early phase of a possible bottom.
Netflix (NFLX) climbed back above the 50-day line also. Other major Nasdaq stocks such as Amazon.com (AMZN), Alphabet (GOOGL) and Apple (AAPL) have weak Accumulation/Distribution Ratings of E (worst possible) to D. That reflects the severe selling these market leaders have gone through.
The more-interesting action in today's market was among smaller stocks.
Small-cap Renewable Energy (REGI) broke out of a cup-without-handle base. The stock is in buy range from the 13.65 buy point, and the relative strength line is at new highs as well.
Lamb Weston Holdings (LW) broke out past the 60.95 buy point of a cup-without-handle pattern. Volume was heavy as shares hit a record high. The frozen vegetables supplier beat profit expectations and gave a sunny outlook.
Ollie's Bargain Outlet (OLLI) erased most of its sharp loss early today. Shares initially plunged on the company's soft guidance. Ollie's topped fourth-quarter estimates late Wednesday, but the company's full-year revenue guidance came in light.
RELATED:
Apple Could Boost Share Buybacks, Dividends By $100 Billion
Ollie's Bargain Outlet Shares Sink Late On Weak Revenue Guidance
When To Sell Stocks: Amazon, Facebook, Boeing Triggered This Key Profit-Taking Signal
