Stocks rallied and closed just off session highs as the stock market extended its win streak to four sessions. The Dow Jones and S&P 500 outperformed the Nasdaq, with the S&P 500 hitting a new high as gold and energy stocks soared.
XWall Street shrugged off disappointing jobless claims data. Oil and gold stocks led the broad rally, amid heightened tension between the U.S. and Iran.
The Dow Jones Industrial Average and S&P 500 rose nearly 1% each, while the Nasdaq added 0.8%. Small caps tracked by the Russell 2000 lagged with a 0.6% gain. Preliminary data showed volume rising on both exchanges vs. Wednesday.
The Dow Jones index is at an eight-month high; the Nasdaq is about 2% shy of a new high. But the tech-heavy Nasdaq is on track for the biggest weekly gain, 3.2%. The S&P 500 is up 2.3% and the Dow 2.5% so far this week.
All but four Dow Jones stocks advanced. Nike (NKE), Cisco (CSCO), Caterpillar (CAT) and United Technologies (UTX) were the biggest winners, up more than 2% apiece.
Networking giant Cisco closed just shy of a 57.63 buy point. Microsoft (MSFT), meantime, added 0.9% for its third straight new high.
Energy, gold miners and software were among the top industry group gainers in today's stock market. Corresponding exchange traded funds rallied. VanEck Vectors Junior Gold Miners (GDXJ) gapped up and soared 5% in above-average trade. Shares are now about 3% below a 35.14 buy point of a cup base.
VanEck Vectors Gold Miners (GDX) gapped up nearly 4% to its highest level since September 2017. It's near the top of a buy zone from a 23.80 cup-base buy point, which it climbed past Tuesday. The ETF has advanced in 16 of the past 17 sessions, as gold prices have risen sharply since late May. Gold rose 3.4% to $1,394.10 an ounce Thursday.
Trump Spurs Oil Rally
Among energy funds, VanEck Vectors Oil Services (OIH) and SPDR S&P Oil & Gas Exploration & Production (XOP) gained about 4% each. Energy Select SPDR Fund (XLE) and iShares U.S. Energy (IYE) each added more than 2%.
West Texas intermediate crude prices surged nearly 6% to $56.88 a barrel, amid reports Iran shot down a U.S. drone and President Donald Trump called that move "a very big mistake."
Automakers, airlines and retailers lagged.
Over in the IBD 50, pop culture products maker Funko (FNKO) leapt 8%, clearing a 23.53 handle buy point in busy trade. Marijuana REIT Innovative Industrial Properties (IIPR) soared 6% to a new high and extended its win streak to seven. It's now extended well past a 91.37 entry of a later-stage base. It's already triggered the 20% to 25% profit-taking rule.
Also in the IBD 50, Kirkland Lake Gold (KL) rallied 3% to a new high. Software giant Adobe (ADBE) rose 3%, also for a record high. The stock soared past a 291.80 buy point in twice normal trade. It briefly climbed past — but closed below the entry on Wednesday, on the heels of a bullish late-Tuesday earnings report.
Also in the software space, Oracle (ORCL) vaulted 8% to a new high in heavy volume, fueled by strong quarterly results.
The Innovator IBD 50 ETF (FFTY) advanced 0.9% to an eight-month high.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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