The stock market jumped higher Monday as U.S.-China trade deal optimism continued to lift the market's spirits in the new week and economic data showed the U.S. economy revving up. Many growth stocks on IBD lists broke out or moved sharply higher, including software names Adobe (ADBE) and Paycom (PAYC).
XAmong major exchanges, Nasdaq led the way with a 0.9% gain for the day. The Dow Jones Industrial Average lagged behind, rising 0.4% because of a big drop for Boeing (BA) stock. Boeing got clobbered, falling 4.3% after it warned it might slash or even halt production of its troubled 737 Max jet.
Boeing shares then fell another 3 points in extended hours trading on an announcement by the Chicago-based firm that it will halt 737 MAX production next month.
The S&P 500 and the small-cap Russell 2000 Index both moved up 0.7%. The Nasdaq rallied more than 0.9%. All hit new closing highs, except for the Russell 2000.
Volume increased moderately from the same time in Friday's session on both big exchanges, according to early data.
The IBD 50 list of top growth stocks featured a number of big winners, including Adobe stock and Paycom stock.
Leaderboard stock Adobe surged 1.8%, following its Friday breakout above a 310.10 buy point over a three-month cup with handle base. The company last Thursday reported a 25% rise in earnings to $2.29 a share in the November fiscal fourth quarter, beating Wall Street estimates slightly.
Cloud-based personnel management software creator Paycom rose 1%. Paycom stock fell below a 259.81 buy point last week, emerging from a cup base. With Monday's move, Paycom is at the very bottom of the 5% buy zone.
Stock Market Today: Software And Payments Firms Still Solid
Paylocity (PCTY), another cloud-based software name, continued to extend above its 112.56 proper buy point off a short cup base. It increased 1.7%.
FleetCor Technologies (FLT), a payments management company for businesses, rose 0.9% and regained its 304.75 buy point and is now in the buy zone. It remains 2% below its all-time high.
FleetCor currently holds a half-position status in the IBD Leaderboard list, Leaders Near A Buy Point.
Israeli cosmetic surgery products company InMode (INMD) soared 7.7%. InMode, an August IPO, bounced off of its 50-day moving average, but remains well below its Nov. 18 intraday high of 58.76.
Listen to commentary about how to treat the current action in InMode in Monday's IBD Live show.
Stock Market: Chinese Stocks Jump
Chinese stocks on the IBD 50 also had a good day, feeding off the bullish U.S.-China trade news. The trade deal involves China buying as much as $200 billion in U.S. farm goods over the next two years in exchange for a phaseout of U.S. tariffs on some Chinese goods.
After rising early in the day, language training and test-prep company New Oriental Education (EDU) eased 0.4% late. It's nearing a 124.50 follow-on entry out of a three-weeks-tight formation.
Online retailing giant Alibaba (BABA) rose 1.5% as it continues to rise above a 188.48 buy point from a cup with handle.
Social media platform Momo (MOMO) added 0.9%, but remains in a consolidation pattern well below its 41.60 proper buy point.
Among exchange traded funds, the Innovator IBD 50 ETF (FFTY) climbed 1.3%.
Among Leaderboard names, Advanced Micro Devices (AMD) continued above a 41.89 follow-on entry in its own 3 weeks tight, formed well above the 50-day moving average. It rose 2.9%.
Incyte (INCY), which creates drugs to treat cancer, increased 1.3% to remain in a buy zone above an 89.40 buy point from a cup-without-handle base.
Disney (DIS) stock continued its recent strong run in this stock market, gaining 1.4% as it broke above a buy zone and is now extended past a 140.18 entry in a double bottom. The company's Disney+ streaming service has proved to be wildly popular, with an estimated 22 million subscribers after just two months.
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