Dow stocks and technology stocks were in the driver's seat in afternoon trading Thursday. The Dow Jones was up 1% after marking an all-time intraday high of 26,680. Intel (INTC) was a strong gainer in the Dow, up more than 2%.
XThe Nasdaq composite also did well, up 1%, helped by strength in China stocks. Inside the Nasdaq 100, Baidu (BIDU), Ctrip.com (CTRP) and NetEase (NTES) showed gains of 2% or more. Trade war fears went to the back burner after Bloomberg reported that China is planning on cutting tariffs on imports from most of its trading partners.
The S&P 500 also hit an all-time high. It was up 0.8% in late trading. Small caps also did well, with the Russell 2000 up 1%.
Dow Stocks On The Move
Other Dow stocks outperformed. Caterpillar (CAT), Walgreens Boots Alliance (WAG) and DowDuPont (DWDP) showed gains of around 2%.
JPMorgan (JPM), meanwhile, drew closer to a 119.43 buy point. After jumping nearly 3% Wednesday, shares were up another 1% in afternoon trading.
Leaderboard name Autodesk (ADSK) was a top gainer in the S&P 500, up more than 3%. Canaccord Genuity maintained its buy rating but lifted its price target to 180 from 165.
In stock market results today, Eventbrite (EB) soared in its debut after pricing last night at 23. The event management and online ticketing firm originally filed with a proposed range of 19-21, but it was raised to 21-23. Shares were recently trading around 38. IPO Elanco Animal Health (ELAN) also jumped on its first day of trading.
Inside the MarketSmith Growth 250, security software firm Tenable (TENB) reclaimed a 35.61 buy point of an IPO base. Shares were up 7% to 36.18. The company isn't profitable yet but shows big sales growth in recent quarters.
Inside the IBD 50, SVB Financial (SIVB) was a top gainer as financial stocks outperformed. Shares rose 2.5% to 327. It's near the top of a flat base with a 333.84 entry.
The 10-year Treasury yield was flat at 3.06%, but it's not far from a multiyear high of 3.11% set in mid-May. Another quarter-point rate hike is widely expected at the Federal Reserve meeting later this month. And the chances are good for another quarter-point hike at the December meeting.
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