The stock market closed Thursday in much better shape than at the open, following a wild trading session. Indexes plunged sharply at the start, triggered by U.S.-China trade concerns stemming from a Dec. 1 arrest of China's Huawei Technologies' CFO.
XBut they pared their losses considerably into the close, with the tech-heavy Nasdaq composite reversing to a moderate gain. The Nasdaq finished 0.4% higher, after slumping as much as 2.4% early in the session. The S&P 500 and Dow Jones industrial average gave up 0.2% and 0.3%, respectively. Small caps lagged a bit with the Russell 2000 down 0.4%.
Volume was higher on both the NYSE and Nasdaq vs. Tuesday, according to preliminary data. The stock market was closed Wednesday in honor of late President George H.W. Bush.
Big-cap techs on the Dow Jones industrial average were among the few blue chip gainers as Intel (INTC), Cisco (CSCO), IBM (IBM) and Microsoft (MSFT) advanced.
Apple (AAPL), however, didn't participate in the tech stock upside. The iPhone maker gapped down and fell 1.1% as it tries to find a bottom near 170. Apple remains under pressure amid ongoing concerns about iPhone sales for the holiday quarter. It's now 25% off its early October high and 10% below its 200-day moving average. An E Accumulation/Distribution Rating and Up/Down Volume Ratio below 1 indicate weak demand and more recent selling by mutual funds.
Big banks, discount retailers and oil stocks were among the biggest sector losers in the stock market today. Financials stumbled as the 10-year Treasury yield fell 5 basis points to 2.86%. The oil sector took a drubbing as West Texas intermediate crude oil prices sank 2% to below $52 a barrel.
JPMorgan (JPM), down more than 2%, was one of the Dow's biggest losers. Other big decliners included Boeing (BA), Exxon Mobil (XOM) and Chevron (CVX), down a respective 3%, 1.6% and 1.2%.
Software Rises In Stock Market Today
Software, homebuilder and internet stocks bucked the sell-off. In the security software space, CyberArk Software (CYBR) surged 5% to retake its 50-day moving average, while Palo Alto Networks (PANW) rose 3%. In the video game software field, Activision Blizzard (ATVI) and Electronic Arts (EA) advanced more than 3% each.
CyberArk also topped the IBD 50 list of leading stocks. Edwards Lifesciences (EW), ServiceNow (NOW) and Alarm.com (ALRM) followed with gains of more than 2% each.
But some health care related names suffered sharp losses. Supernus Pharmaceuticals (SUPN) gapped down and plunged 12%. HealthEquity (HQY) sank 11% to gap down below its 200-day line.
The Innovator IBD 50 ETF (FFTY) pared a steep early loss to a 0.6% deficit. It ended near its session high.
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