Stocks picked up the pace in the last hour of trade Friday to cap the week with solid gains. The Dow Jones Industrial Average and Nasdaq extended their weekly win streak to nine.
XThe Nasdaq rallied 0.9%, the Dow Jones industrials rose 0.7% and the S&P 500 advanced 0.6%. Small caps performed well too, with the Russell 2000 gaining 0.8%. Volume was higher on the Nasdaq but lower on the NYSE vs. Thursday, according to preliminary data.
For the week, the Nasdaq was up 0.5%, while the Dow Jones Industrial Average and S&P 500 rose 0.4% each.
Among blue chips, Intel (INTC) rose 2% to a seven-month high. Morgan Stanley upgraded its rating on the chip giant to overweight from equal weight and hiked its price target to 64 from 55. The stock is building the right side of an eight-month saucer base with a potential 57.70 buy point.
Dow Jones Stock In Buy Zone
Among other Dow Jones winners, Pfizer (PFE)rose 2% to retake its 50-day moving average. Microsoft (MSFT), up 1.3%, remains in buy range from a 108 cup-with-handle entry.
Coca-Cola (KO), down 1.3%, was the biggest Dow loser. Shares reversed from an early gain and are 10% off their high. The stock had been shaping a cup base before slumping nearly 9% last week on earnings. It's closed below its 200-day line since.
Kraft Heinz (KHC) gapped down and tumbled 27% in heavy trade. Shares have been in a downtrend for much of the past two years. Catalysts behind Friday's plunge included a $15.4 billion write-down of some of its big brands, an SEC accounting subpoena and disappointing Q4 earnings.
The packaged foods giant's woes are expected to hit Berkshire Hathaway's (BRKB) earnings, as Chairman and CEO Warren Buffett gets set to release his shareholder letter Saturday.
Not surprisingly, packaged foods was one of the biggest sector losers in the stock market today. Other losers included internet retail, department stores and other retailers.
Big Day For IBD 50 Stocks
But advertising, fiber optics and financial software stocks rose. Intuit (INTU) surged 7% to a new high after reporting fiscal Q2 results late Thursday that beat views. The financial software maker's forward guidance, however, fell short of Street estimates.
Digital advertising company Trade Desk (TTD) surged 31% to a record high. The company reported quarterly results that soared past views. Shares are well extended past any buy point.
Trade Desk was by far the top gainer on the IBD 50. Chinese car site Autohome (ATHM) was next with a 10% jump, which propelled the stock past its 200-day line. Xilinx (XLNX), Paycom Software (PAYC) and Fortinet (FTNT) rose more than 2% apiece.
The Innovator IBD 50 ETF (FFTY) advanced 1.4%. It's up 30% from a Dec. 24 low and is getting close to its 200-day line.
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