The Nasdaq today took another step in its recovery Tuesday, but the stock market shaved much of its gains in the final hour of trading, and leading stocks were weak.
XThe Nasdaq composite rose around 0.2% and closed with more elbow room above the 200-day moving average. The composite closed a hair above the 200-day line Friday.
While the Nasdaq is clearing a potential barrier, with a few more points it will reach 7500, where another test of resistance lies.
The S&P 500 and Dow Jones industrial average are farther ahead in terms of beating their 200-day lines. Today, the S&P 500 added 0.2% and the Dow Jones industrials closed fractionally higher.
Volume fell from Friday's levels, according to early numbers. Breadth was pretty good in light of small gains for the major stock indexes. Winners led losers by about a 5-3 ratio on the NYSE and by about 11-to-7 on the Nasdaq.
Leading stocks were dull, with the Innovator IBD 50 ETF down slightly. There was no single stock or group of stocks to blame for the weakness in the IBD 50. But curiously, half the stocks were lower despite the market's gains.
Among widely held stocks, Walmart (WMT) gapped up on a strong earnings report. The stock is in buy range from the 99.45 buy point of a cup-with-handle base, which Walmart initially topped on Friday, though with less vigor than today.
Walmart was a big contributor to the Dow's gain. Also, UnitedHealth Group (UNH) tried to break out of a cup-with-handle base but closed below the 272.53 buy point. Volume was about half of UnitedHealth's average, which was another weight on the breakout bid.
Every S&P sector was higher, except for health care, which was slightly lower. Energy and transportation sectors were among Tuesday's best.
The price of U.S. crude oil climbed nearly 1% to $56.10 late Tuesday afternoon. Oil is extending a rebound that has taken its price to the highest since Nov. 20.
Transportation shares also are extending gains, with the Dow transports up 0.5%. Airfreight, trucking, airline and other industry groups were among the day's top 25. Oil prices remain well below their Oct. 3 peak, which is good news for transportation companies.
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