Bulls came out on top Thursday after another volatile session for the key indexes in the stock market today. The Nasdaq led the charge as hard-hit tech stocks rebounded.
XThe Nasdaq romped 1.7%, the S&P 500 rallied 1.1% and the Dow Jones industrial average added 0.8%. Small caps also fared well as the Russell 2000 surged 1.2%. Volume, however, was lighter on both the NYSE and Nasdaq vs. Wednesday, according to preliminary data.
Apple (AAPL), Cisco (CSCO) and Microsoft (MSFT) were among the most active Nasdaq gainers by share volume. The trio also boosted the Dow Jones industrial average. Cisco, up 5.5% to recapture its 50-day moving average, was the Dow's top gainer. Late Wednesday, the networking gear and security software maker reported fiscal Q1 earnings and revenue that topped views. Earnings rose 23%, its biggest quarterly increase in years.
Apple, Intel (INTC) and Microsoft rose more than 2% each.
Apple snapped a five-session losing streak, leaving investors wondering if it's hit a bottom. On Wednesday, it fell to 18% off its Oct. 3 high as it tried to regain its 200-day line. Warren Buffett's latest 13-F filing showed the billionaire investor added 522,802 shares of Apple to Berkshire's holdings. The iPhone maker now represents a 25.77% stake in Berkshire Hathaway's (BRKA) portfolio, up from 23.84% in Q2. Berkshire owns 5% of Apple's outstanding shares.
Among other blue chips, Caterpillar (CAT) and 3M (MMM) added about 3.5% each.
Stock Market Today: Retail Slumps
Solar energy, software and chip stocks led the upside among sector gainers in the stock market today. But retailers, apparel makers and food stocks lagged. Despite better-than-expected October retail sales, Walmart (WMT) fell 2% on the Dow. Retailers of all stripes got hit including department stores, auto parts, home furnishings and discounters.
In the IBD 50, The Trade Desk (TTD), Canada Goose (GOOS) and Xilinx (XLNX) soared about 6% apiece. Trade Desk may be shaping the bottom of a new base, though it currently remains below its 50-day line. Chip designer Xilinx is extended after recently retaking a 76.30 buy point.
Canada Goose marked a new closing high as it followed up on a 10% Wednesday jump. That day the luxury winter wear brand reported fiscal Q2 results that beat views by a wide margin. Shares soared as much as 23% before sharply paring gains as the broader market reversed. They're still slightly below a 68.85 entry.
The Innovator IBD 50 ETF (FFTY) advanced 1% in the stock market today.
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