Key market indexes extended their gains in the stock market today as the Dow Jones industrial average led, thanks to a huge move by Goldman Sachs (GS).
XThe Dow rose 0.6%, the S&P 500 added 0.2% and the Nasdaq climbed less than 0.2%. Small caps outperformed as the Russell 2000 rallied nearly 0.7%. Volume was mixed, tracking slightly lower on the NYSE but higher on the Nasdaq vs. Tuesday, according to preliminary data.
The Dow and S&P 500 are getting close to testing their 50-day moving averages, which loom ahead as potential resistance levels. The tech-heavy Nasdaq climbed past its 50-day on Tuesday.
Goldman Sachs vaulted nearly 10% to retake its 50-day moving average for the first time in two months. The blue chip bank reported better-than-expected Q4 results, as did S&P 500 component Bank of America (BAC), which leapt 7%. Among other big gainers on the Dow, UnitedHealth Group (UNH) rose 1.8% and American Express (AXP) jumped 1.4%.
Though most big-cap techs lagged, Apple (AAPL) added 1.2%. That's despite a late Tuesday report from KeyBanc Capital Markets that said Apple's latest iPhone inventories showed increasingly disappointing demand from November to December. Apple shares remain 10% below the 50-day moving average and 33% off their peak.
Airlines Soar In Stock Market Today
Financials, airlines and educational software stocks led the upside among sectors in the stock market today. Department stores, food and computer-related stocks lagged.
In the finance space, First Data (FDC) surged 21% to its highest level since late October. Fiserv (FISV), which announced plans to buy the payment processor for $22 billion in stock, fell 3% after paring a steep early loss.
United Continental (UAL) soared more than 6% in fast trade after the airline's Q4 earnings crushed views. Its revenue also beat forecasts. Shares are close to reclaiming the 50-day line. IBD Stock Checkup assigns United a 92 Composite Rating, which combines key fundamental and technical metrics into a single score.
Other airlines lifting off in the stock market today included Spirit Airlines (SAVE), Copa Holdings (CPA) and American Airlines (AAL). They rose 4%, 3% and 2%, respectively.
REITs outperformed in the IBD 50, with Medical Properties Trust (MPW) up 3% and Vici Properties (VICI) up 2%. Medical Properties Trust is offering a follow-on buy opportunity as it rebounds off the 10-week line. It also is shaping a flat base with a potential 17.62 entry. Vici Properties extended its win streak for a 10th session as it gapped up above the 50-day line.
The Innovator IBD 50 ETF (FFTY) was about flat.
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