Key indexes capped the week with solid gains in the stock market today, as the Dow Jones Industrial Average rallied, thanks to Intel (INTC), Caterpillar (CAT) and 3M (MMM).
XThe Dow Jones industrials, up as much as 210 points during the session, closed with a 0.6% gain. The Nasdaq rose 0.7%, and the Nasdaq 100 marked an all-time high, rising 0.8%. The S&P 500 advanced 0.4%, and the Russell 2000 small-cap index rose 0.6%. Volume was mixed, tracking lower on the NYSE but higher on the Nasdaq vs. Thursday, according to early data.
The tech-heavy Nasdaq scored a 1.8% weekly gain to extend its win streak for a fourth straight week. The S&P 500, in spitting distance of a new record high, rose 1.2% for the week. It closed at 3,022.55, just shy of a July 26 high of 3,025.86. The Dow added 0.7%.
Intel gapped up and surged 8% in heavy volume. The stock blew past an aggressive entry of 53.43. The midpoint of the cup base's handle is lower than that of the overall base. The proper buy point is 59.69, a dime above the cup's left-side high, according to MarketSmith chart analysis.
Late Thursday, the chip giant reported Q3 results that trounced Wall Street profit and sales targets. Caterpillar and 3M also boosted the Dow Jones index with gains of more than 3% each.
Intel gave chip ETFs a boost. VanEck Vectors Semiconductor (SMH) and iShares PHLX Semiconductor (SOXX) advanced more than 2% each to new record highs. SMH remains in buy range from a 123.23 cup-with-handle buy point and the same for SOXX from a 221.41 flat-base entry.
Not A Good Day For Amazon
Amazon (AMZN), down 1.1%, didn't fare as well in its late Thursday earnings report. The stock fell as much as 5% early Friday before sharply paring losses. The e-commerce giant reported mixed Q3 results as earnings missed but revenue beat. Amazon's revenue guidance came in below Street forecasts.
The rest of the FANG stocks — Facebook (FB), Netflix (NFLX) and Google parent Alphabet (GOOGL) — report next week.
Automakers, airlines and department stores led the upside among IBD's 197 industry groups. But solar, food and utilities lagged.
The automaker group rallied 8%, thanks to another strong performance from Tesla (TSLA), which raced 9.5% higher in fast trade. Tesla gapped up to an 18% gain Thursday, following a surprise quarterly profit. That prompted several analysts to boost their price targets on the electric-car maker's stock.
Allegiant Travel (ALGT), meantime, lifted the airline group to a 4% gain. Allegiant soared nearly 8%, clearing a 157.80 buy point in four times normal volume. Shares hit their highest level since April 2018. The Las Vegas-based airline on Thursday delivered Q3 earnings and sales that rose 187% and 11%, respectively, from the same year-ago quarter.
Among other carriers, American Airlines (AAL) and Alaska Air Group (ALK) rose more than 4% each, while Skywest (SKYW) and Spirit Airlines (SAVE) added about 2% apiece.
The Innovator IBD 50 ETF (FFTY) climbed 0.4% to retake its 50-day line as StoneCo (STNE), Baozun (BZUN) and InMode (INMD) led.
Follow Nancy Gondo on Twitter at @IBD_NGondo
YOU MIGHT ALSO LIKE:
Stock Market, Apple Face Final Test: Futures
Sell Or Hold Costco Stock? Your Time Horizon Holds The Answer
See The Best Stocks To Buy And Watch
