The Dow Jones industrials powered ahead in the stock market today as it scored a second straight record high to send its weekly gain to over 400 points.
XThe Dow Jones Industrial Average soared 0.9%, the Nasdaq rallied 0.6% and the S&P 500 advanced 0.5%. Small caps as tracked by the Russell 2000 outperformed, up 0.8%. Preliminary data showed slightly lower volume on the NYSE and Nasdaq vs. Thursday.
For the week, the Dow Jones industrials rose 1.4%, the Nasdaq gained nearly 1% and the S&P 500 added 0.7%. It was a big week for the stock market, with the Nasdaq and S&P 500 joining the Dow at record highs. The Dow surged higher after taking out the 27,000 level Thursday.
Dow Inc. (DOW) and Caterpillar (CAT), up a respective 4% and 3.3%, were the top gainers in the Dow Jones index. The specialty chemicals maker is trying to move off a recent low. Caterpillar's Friday move puts it close to a 140.27 buy point of a cup with handle.
Intel (INTC) rose 2.7%, retaking its 200-day moving average for the first time since late April. Its 50-day line, however, crossed below the 200-day line three weeks ago.
Also on the Dow industrials, Home Depot (HD) added 2% to hit a new high. It's near the top of a buy range from a 208.39 cup-with-handle entry. The buy zone extends up to 218.81.
Transportation, retail and metals stocks led the upside among top industry group gainers. But medicals, meat products and utilities lagged.
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Among sector ETFs, VanEck Vectors Semiconductor (SMH) and iShares PHLX Semiconductor (SOXX) rallied 1.8% each. Both funds are nearing cup-with-handle buy points: SMH offers a 116.06 entry and SOXX 208.87. SPDR S&P Homebuilders (XHB) added 1.7% to hit a 16-month high.
Lululemon (LULU), up 3.5%, scored the biggest gain in the IBD 50. The Leaderboard stock is now slightly extended from a 179.60 buy point of a flat base. Stifel boosted its price target to 238 from 209, citing opportunity from the yoga wear maker's expanded membership program. "In addition to providing revenue associated with annual membership fees, we expect Practice enables Lululemon to better serve the most valuable and engaged guests to drive incremental purchases," Stifel said in a research note.
Other big IBD 50 movers included Floor & Decor (FND), Ulta Beauty (ULTA) and Popular (BPOP), which advanced more than 2% each.
But Innovative Industrial Properties (IIPR) gapped down and lost 8% in heavy trade. The medical marijuana REIT priced 1.3 million shares at $126 apiece. Shares, which hit a new high Thursday, remain well above their 50-day line and are 9% off their high.
The Innovator IBD 50 ETF (FFTY) climbed 0.3% to extend its win streak to four and mark a nine-month high.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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