Stocks rallied Tuesday, sending the Nasdaq and S&P 500 to new closing highs as earnings reports boosted Hasbro, Twitter and other stocks.
XThe Nasdaq surged 1.3%, the S&P 500 leapt 0.9% and the Dow Jones Industrial Average added more than 0.5%. Small caps outperformed with the Russell 2000 up 1.6%. Preliminary data showed volume running sharply higher on both the NYSE and Nasdaq.
The Nasdaq got a boost from the FANG stocks, as well as Dow Jones components Apple (AAPL) and Microsoft (MSFT). Facebook (FB), Amazon (AMZN), Netflix (NFLX) and Alphabet (GOOGL) rose more than 1% each.
Netflix climbed past a 379.10 cup-with-handle buy point. Alphabet remains in a buy zone from a 1236.53 entry. Apple added 1.4% and is now near the top of the 5% chase zone from a 197.79 handle entry.
The biggest industry group winners in the stock market today included toy makers, department stores and medical stocks. Homebuilders, construction gear and dairy products were among the few big losers.
Hasbro (HAS) hoisted the Leisure-Toys/Games/Hobby group with a 14% gap up to a six-month high in heavy trade. The Nerf and Playskool toy maker reported Q1 adjusted profit that soared 110% to 21 cents a share. Analysts expected a 1-cent loss. Sales rose 2% to $732.5 million, also topping views.
Twitter vaulted 16% to a nine-month high, sailing past a 37.23 buy point in fast turnover. The social media company reported Q1 earnings and revenue that topped views. It also showed user growth vs. the prior quarter.
Health Care Recovers
Health care ETFs scored big gains. IShares Nasdaq Biotechnology (IBB) surged more than 2%. Component stocks Amgen (AMGN) and Alder Biopharmaceuticals (ALDR) leapt a respective 2% and 8%. Needham said Alder could be an acquisition target after the FDA accepted Alder's application for a migraine-prevention drug.
SPDR S&P Biotech (XBI) rose 2.9%, while SPDR Health Care (XLV) advanced 1.6%. Neither ETF is yet near a potential buy point.
Innovative Industrial Properties (IIPR), a REIT that acquires real estate assets used for growing medical marijuana, led the IBD 50 with a 3.3% pop. Shares, well-extended from a 55.74 buy point cleared in January, recently tested support at the 10-week line.
Among other top IBD 50 gainers, New Oriental Education (EDU), Alexion Pharmaceuticals (ALXN) and Atlassian (TEAM) rose about 3% apiece.
The Innovator IBD 50 ETF (FFTY) rose 1.1% in the stock market today.
Please follow Nancy Gondo on Twitter at @IBD_NGondo for more on growth stocks, ETFs and how to invest in CAN SLIM-quality market leaders.
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