Stocks hung in for a minor gain Tuesday as small caps led a quiet session. The S&P 500 today made a record high, while other indexes made new closing highs.
XThe Russell 2000 climbed 0.4% at the closing bell, drawing its strength mainly from energy and financials. The small-cap benchmark remains in a solid uptrend.
The S&P 500 and Nasdaq composite rose merely 0.1% each after see-saw trading. Indexes traded in a narrow price range all day.
The Dow Jones Industrial Average added 0.1% also. On the Dow, Verizon (VZ) edged past the 61.68 buy point of a long consolidation. It also topped an alternative 61.44 buy point. But volume was weaker than normal Tuesday, and the relative strength line is still limp. Shares also closed at 61.49, below the higher entry. Verizon was discussed in IBD's Income Investor column last week.
Market volume fell from Monday's totals, according to unconfirmed numbers. Advancing stocks led decliners by a ratio of 12-to-7 on the NYSE and by 9-7 on the Nasdaq.
Technology stocks were noticeably quiet. Technology Select Sector SPDR ETF (XLK) eased 0.2%, although it held near an all-time high. Software, internet and chipmaking stocks were broadly lower.
IBD 50 Lags S&P 500 Today
Innovator IBD 50 ETF (FFTY) fell 0.3%, lagging the S&P 500 today. Heico (HEI) was a major drag on the index. The world's largest supplier of authorized aircraft replacement parts beat profit expectations but gave a soft 2020 outlook. The stock sank deeper below its 50-day moving average.
There was better action among some leading stocks outside the IBD 50, including three that broke out from bases.
Icon (ICLR) broke out of a cup-with-handle base, clearing a 164.22 buy point in heavy trading. The medical research outsourcing services provider closed in buy range.
Hill-Rom Holdings (HRC) broke out of a flat base, gapping above the 111.73 buy point. Volume was not impressive, and the relative strength line hasn't made a new high. Those are two technical reasons to treat this breakout with caution.
FNB (FNB) rose past the 12.82 buy point of a flat base — one of multiple breakouts among bank stocks so far this week. About 55 regional and larger banks made 52-week highs Tuesday. The sector is rising as uncertainty on trade and other issues dissipates and interest rates trend higher.
Juan Carlos Arancibia is the Markets Editor of IBD and oversees our market coverage. Follow him at @IBD_jarancibia
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