The Dow Jones Industrial Average rallied Friday to extend its weekly win streak for an eighth week, thanks to big gains from Goldman Sachs and JPMorgan.
XThe Dow Jones industrials soared 1.7%, the S&P 500 rose nearly 1.1% and the Nasdaq advanced 0.6%. Small caps took part in the rally too, with the Russell 2000 up 1.4%. Volume was slightly lower on the NYSE but higher on the Nasdaq vs. Thursday, according to preliminary figures.
The Dow and the S&P 500 padded gains above their respective 200-day moving average lines, while the Nasdaq closed just shy of its long-term trend line. For the week, the Dow rose 2.8%, the S&P 500 2.3% and the Nasdaq 2.2%.
DowDuPont (DWDP), JPMorgan (JPM) and Goldman Sachs (GS) led the Dow industrials with gains of 3% or more apiece. United Technologies (UTX) was close behind with a 2.9% gain. The stock, which has staged a sharp advance since late last year, retook its 200-day moving average for the first time since late November.
Only Two Dow Jones Losers
Apple, down 0.2%, was one of only two losers on the Dow. The other was Coca-Cola (KO), down 0.8%.
Apple has risen 20% from its early January low, but remains 27% below its October peak. The iPhone maker's shares have moved less than 1% in either direction the past six sessions. Warren Buffett's Berkshire Hathaway (BRKA) in Q4 reportedly cut its Apple stake by nearly 3 million shares, or 1%. That brings the stake down to 249.6 million shares, or 21.5% of Berkshire's portfolio, from nearly 26% in Q3.
Computer networking, with a 6.4% surge, led the upside among sector gainers in the stock market today. Energy and generic drug makers also advanced. But toy makers, solar and transport stocks lagged.
IBD 50 stock Arista Networks (ANET) vaulted 9% to a three-month high in rapid trade, gapping up above its 200-day line. Late Tuesday, the networking gear maker reported Q4 earnings and sales that beat views.
Rival Cisco, which delivered a quarterly earnings beat late Wednesday, rose more than 2% to retake a 49.24 buy point of a double-bottom base. On Thursday, the stock crossed above, then closed below, the entry.
Arista saw the biggest advance in the IBD 50, followed by SS&C Technologies (SSNC), which jumped 6%. The financial software maker reported robust Q4 earnings and sales growth, up 76% and 153%, respectively. Shares shot up close to a 61.07 buy point of a six-month cup base.
SS&C has also recently shown up in the Stock Spotlight, a key IBD stock list.
The Innovator IBD 50 ETF (FFTY) climbed 0.6% to extend its win streak for a seventh session.
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