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Boeing Leads Blue-Chip Rally; Tesla Leads Nasdaq To All-Time High

Strength in Boeing stock fueled a day of outperformance for the Dow Jones Wednesday as major stock indexes extended gains. JPMorgan (JPM), Visa (V) and Goldman Sachs (GS) also outperformed in the blue-chip index.

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The Dow led the way, rising 1.4%; the S&P 500 added 0.9% and the Nasdaq composite rose 0.7%. Preliminary data showed volume on the NYSE and Nasdaq coming in slightly higher than Tuesday's levels.

Boeing (BA) cleared an alternate entry of 365.10 Wednesday, rising 3% to 371.42. Shares of Boeing stock are still well within buy range.

Advanced Micro Devices (AMD) was a big winner in the S&P 500, up nearly 6%, after the company updated its product road map at a trade show in Taiwan.

Financials Outperform

Big regional banks outperformed as the 10-year Treasury yield rose 4 basis points to 2.97%. Regions Financial (RF) gained 3%. It's only 4% off its high as it works on a flat base. Comerica (CMA), meanwhile, picked up nearly 2%. It's also near highs as it works on a flat base.

In other stock market results today, Ollie's Bargain Outlet (OLLI) was volatile after reporting earnings. Shares opened lower, reversed higher and eventually ended lower by 0.7%. Late Tuesday, the top-performing retailer reported better-than-expected earnings and sales growth. There's no new entry for Ollie's at this point. The stock's last breakout was past a 62.15 buy point in April.

Also in the retail sector, RH (RH) jumped nearly 4% to a new high. Earnings are due Monday after the close.

Tesla Soars After Shareholder Meeting

Tesla (TSLA) jumped above the 300 level with conviction, rising nearly 10%. At the company's shareholder meeting, CEO Elon Musk assured investors the company is on track to deliver 5,000 Model 3 sedans by the end of the month. Even after Wednesday's strength, shares of Tesla are still 17% off its high. The 200-day moving average around 323 is a potential resistance level to watch.

Medical software name Athenahealth (ATHN) was volatile on news CEO Jonathan Bush is stepping down as the company explores a possible sale. Shares gapped up to an intraday high of 163.94, up 8.5%, but the stock closed off session highs. Shares soared 16% on May 7 after Elliott Management offered to buy the company for $160 a share.

Outperformers in the IBD 50 included Planet Fitness (PLNT), BofI Holding (BOFI) and Five Below (FIVE), with gains of 3% to 4%. Five Below rose in after-hours trading following the company's earnings report.

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