The stock market today climbed to a new high after a quiet session, even though big banks weighed on the Dow Jones Industrial Average.
XThe Nasdaq rose 0.2%, the Dow Jones industrials added 0.1% and the S&P 500 was barely positive. But small caps tracked by the Russell 2000 sharply underperformed with a 0.6% loss. Preliminary data showed slightly lower volume on both the NYSE and Nasdaq vs. Friday.
The gains were modest but enough to give the three major indexes new closing highs.
Big banks weighed on the Dow Jones industrials as Goldman Sachs (GS) and JPMorgan (JPM) slipped more than 1.1% each. Citigroup (C) kicked off major bank earnings this week with a 20% earnings increase to $1.94 a share, its best gain in three quarters. But the stock reversed to a loss before settling for a 0.1% decline.
Citigroup CFO Mark Mason said investor sentiment was affected by interest-rate related volatility in the market. "Client conviction remains challenged," he said on the conference call. Goldman Sachs, JPMorgan and Bank of America will all report this week.
Dow (DOW) and Merck (MRK) led the Dow Jones index with respective gains of 2.4% and 1.5%. Dow is 15% off its high as it climbs from recent lows. Merck is trying to reclaim its 50-day moving average after falling below the support line on Thursday.
Apple Among Dow Jones Winners
Apple (AAPL), up 0.9%, also gave the blue chip index (and the Nasdaq) a boost. The iPhone maker's stock is getting close to a 215.41 buy point of a gigantic cup with handle.
Automakers, software and leisure stocks led the upside among industry group gainers in today's stock market. Oil drillers, banks and other energy stocks lagged.
CyberArk Software (CYBR) surged 6% to a new high, clearing a 138.83 proper buy point in a flat base. The security software maker joined IBD Leaderboard on Monday.
Over in the IBD 50, pop culture products maker Funko (FNKO) rallied 7% as it bounced off its 50-day line. It's getting back near a 23.53 buy point of an irregular base it first cleared June 20.
Among other IBD 50 winners, Kirkland Lake Gold (KL) gained 3.3% to mark a record high. The gold miner's stock has reached the 20%-25% profit-taking range, so investors could consider locking in at least some of their profits. Kirkland Lake holds a half-size position in IBD Leaderboard.
Twitter (TWTR) added 2.3% as it continues shaping a long, deep handle with a 41.02 entry.
On the downside, mortgage insurance provider NMI Holdings (NMIH) weighed on the IBD 50 after reversing from to a 6% loss. Shares sliced their 50-day line in volume just 2% higher than normal.
Flooring products retailer Floor & Decor (FND), mortgage insurer Essent (ESNT) and metal plates maker DMC Global (BOOM) gave up about 3% each.
The Innovator IBD 50 ETF (FFTY) climbed 0.4% to extend its advance for a fifth straight session.
Follow Nancy Gondo on Twitter at @IBD_NGondo
YOU MIGHT ALSO LIKE:
5 Steps For Navigating Earnings Season: Futures
Is Chipotle Stock A Buy Right Now?
See The Best Stocks To Buy And Watch
Five Explosive Stocks Setting Up New Buy Points
IBD Digital: Unlock IBD's Premium Stock Lists, Tools And Analysis Today
