Key market indexes staged an early celebration in today's stock market with new highs ahead of the July Fourth holiday, as the Dow Jones industrials and S&P 500 hit records.
XThe S&P 500 and Nasdaq rallied nearly 0.8% each, while the Dow Jones Industrial Average added nearly 0.7% in a half session ahead of the holiday. Small caps tracked by the Russell 2000 also gained 0.7%.
The tech-heavy Nasdaq marked a new closing high and is seven points away from setting an all-time peak. The Nasdaq 100 index, up 0.7%, is also just shy of a record high. But Invesco QQQ Trust (QQQ) ETF rose 0.8% to a new high, clearing a 191.42 buy point of a flat base. It remains in buy range.
Other index ETFs at new highs included SPDR Dow Jones ETF Trust (DIA) and SPDR S&P 500 (SPY), up about 0.8% each. Both are also in a buy zone from respective entries at 266.96 and 295.05.
Market volume fell because of the early close on Wall Street, but was tracking higher at 1 p.m. ET compared with the same time on Tuesday.
All but three of the Dow Jones stocks rose — and those that didn't gave up less than 0.3% each.
Procter & Gamble (PG) led with a 2.3% jump to a new high. Shares have rallied 24% this year. Analysts expect the consumer products giant to post respective earnings per share and sales gains of 12% and 2% when it reports July 30. That would mark the best EPS growth in nine quarters and best sales growth in four quarters.
Big-Cap Techs Boost Dow Jones
Cisco Systems (CSCO) rose 1.8% as it climbs back toward a 57.62 buy point it briefly cleared last month. Shares are 2% below the entry.
Other Dow Jones tech stocks also advanced. IBM (IBM) gained 0.9%, Intel (INTC) 0.8%, Apple (AAPL) 0.8% and Microsoft (MSFT) 0.6%. Apple continues to work on the handle of a large cup base with a 215.41 potential buy point. It's now 5% below the entry.
Top industry group gainers in today's stock market included automakers, food and retail stocks. Gaming software, chip and steel stocks lagged, but losses were minimal.
In the IBD 50, Innovative Industrial Properties (IIPR) soared 7%. The medical marijuana-focused REIT is 40% extended from a 91.37 buy point, well past the 20%-25% profit-taking range. So investors could consider locking in some gains as shares now consolidate.
Among other IBD 50 winners, Wyndham Hotels & Resorts (WH) added 2.5%, following through on a Tuesday breakout past an aggressive 57.36 entry. Shares remain near the top of the buy zone, which extends to 60.23.
Pop culture products maker Funko (FNKO) shed 3.3% in its fourth straight decline. The stock is testing support at its 50-day line. It tried to clear resistance around 24 about two weeks ago but has been under pressure.
The Innovator IBD 50 fund (FFTY) climbed 0.8% to extend its win streak to six sessions. The ETF marked its best close in nearly nine months.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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