Wall Street marched higher in the stock market today, boosted by solid earnings results from growth names and a recent resurgence by tech stocks.
XThe Nasdaq led with a 0.7% gain, the Dow Jones Industrial Average rose nearly 0.7%, and the S&P 500 added 0.5%. The S&P 500 is close to retaking its 200-day moving average. Small caps lagged, with the Russell 2000 up 0.2%. Volume was higher on the NYSE and Nasdaq vs. Monday, according to preliminary numbers.
Boeing, the biggest blue-chip gainer, soared 3% to a new high. The stock is extended from a 373.80 buy point of a double-bottom base. Boeing plans to boost its 737 jetliner production rate to 57 a month by June, from its current pace of 52. In other news, the jet maker will partner with Aerion to develop a supersonic passenger jet. Bernstein raised its Boeing price target to 459 from 435.
Apple (AAPL) gapped up and rose nearly 2% for its fifth straight advance since retaking its 50-day line. The stock is starting the right side of a steep base with a 39% correction. But shares remain well off their high at 25% below an Oct. 3 peak. The iPhone maker isn't making much headway in the smart speaker market vs. Amazon.com (AMZN) and Alphabet (GOOGL), Consumer Intelligence Research Partners said.
Among other big-cap techs on the Dow, Intel (INTC) advanced 1.6% and Microsoft (MSFT) added 1.4%. Intel, which is trying to break past resistance near the 50 level, regained its 200-day line. It's been working on a saucer base the past eight months. Microsoft is shaping a cup with handle, with a 108 potential buy point.
Alphabet Gains In Stock Market Today
Alphabet (GOOGL) reversed from an early slide to a 0.9% gain after announcing Q4 results late Monday. Earnings topped views, but included some special items. Shares, which cleared a 1135.10 aggressive entry Monday, remain in buy range.
Travel bookers, apparel makers and automakers were among top sector gainers in the stock market today. Food, soap and consumer discretionary stocks underperformed.
Over in the IBD 50, Horizon Pharma (HZNP) leapt 3% to clear a 22.76 buy point of a cup with handle. Volume ran about two times higher than usual, a bullish sign. Shares remain in the 5% buy zone. The Ireland-based drugmaker, which reports Q4 earnings Feb. 27, was added to IBD's Leaderboard list early Tuesday.
Fellow Leaderboard stock TransDigm Group (TDG) gapped up and surged 4% to a record high in brisk trade. The aerospace gear maker delivered strong quarterly earnings and sales results, and boosted its full-year guidance. Shares are well-extended from a 375.50 conventional buy point of a choppy base, as well as a 356.06 aggressive entry.
Back to the IBD 50, other stocks on the move included Kirkland Lake Gold (KL), security software maker Fortinet (FTNT), and digital ad platform Trade Desk (TTD). They rose more than 2% apiece.
The Innovator IBD 50 ETF (FFTY) climbed 0.7% for a fifth straight advance.
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