The stock market mostly continued its gains Wednesday, as major indexes hit new highs early despite the looming impeachment vote in Congress for President Trump. Still, the Dow and S&P indexes slipped lower in the final minutes of trading. Among Nasdaq names, FANG stock Facebook (FB) moved into a buy zone, while electric-car and battery maker Tesla (TSLA) hit an all-time high.
XNasdaq eked out a slight gain only barely above break-even. S&P 500 shares showed a fractional loss. The Dow Jones Industrial Average dipped 0.1%. The small-cap Russell 2000 index rose 0.3%, as it extended recent moves to the highest level in 14 months.
Preliminary numbers showed a 15% surge in Nasdaq volume and a 1.5% increase in NYSE turnover.
Facebook gained 2.1% as it recaptured a 198.19 buy point out of a cup with handle. The rise comes as a Deutsche Bank analyst said Facebook's core app is showing "renewed strength" that would carry it into 2020, according to TheStreet.com.
Facebook carries a 96 Composite Rating from IBD, putting it in the top 4% of all stocks in terms of performance and fundamentals. It's No. 2 in its industry group, behind Alphabet's Google (GOOGL).
Tesla, the controversial brainchild of entrepreneur Elon Musk, tacked on 3.7% as it continued its ascent to new highs. Since closing at 254.68 on Oct. 23, Tesla stock has soared 54%.
Stock Market: Breakouts, All-Time Highs
A handful of other Nasdaq names were also big winners.
Wynn Resorts (WYNN) shot up 3.9% as its stock continues to gain from the U.S.-China trade deal. Wynn gets roughly 70% of its revenue from China's Macau. But it's also building a new hotel-resort in Boston to broaden the company's U.S. revenue profile. Wynn stock is just under a 141.39 buy point out of a 102-day cup base.
Work uniform and clothing supplier Cintas (CTAS) vaulted 2% as it shapes the right side of a flat base with a 277.95 buy point. Cintas reported a Q3 EPS gain of 29% on Tuesday after the close, beating estimates.
Elsewhere on the stock market, names on the IBD 50 list also to move up solidly as the post-trade-deal rally continues.
Leidos Breaks Out
Defense technology provider Leidos Holdings (LDOS) gapped up 4.5%, bolting out of a buy zone above the stock's 88.05 buy point. The stock originally broke out of a cup-with-handle base in early November. The company has signed contracts with the Defense Department totaling nearly $7 billion since last summer, and has made a number of acquisitions to bolster its position in the technology and consulting industry. It acquired top medial evaluation company IMX Medical Management Systems last August, and just this week acquired Dynetics, an applied research and technology company, for $1.7 billion.
Chinese language training and test prep superstar New Oriental Education (EDU) leapt 2%, as it moves further above a 5% buy zone that goes from 115.98 to 121.78. The stock has recently found support at both the 50-day and 200-day moving averages, a positive sign, according to IBD Leaderboard stock analysis.
Online Chinese retailing giant Alibaba (BABA) also moved up, adding 0.9%. It's extended above its 188.38 buy point from a cup-with-handle base. Alibaba stock is working on a string of three double-digit quarterly earnings gains after a brief slowdown in 2018, and has 15 straight quarters of 30% or better revenue growth. It has a 94 Composite Rating.
Software Bounces Back
Software names on the IBD 50 continued their strong recent stock market performance.
No. 2 ranked Paylocity (PCTY) rose 0.9% and is now extended above a 112.56 buy point from a cup base. The cloud-based software company carries a 98 Composite Rating, a 99 EPS Rating, and ranks No. 1 in its industry group.
Cloud-based worker management software creator Paycom Software (PAYC) climbed 1%, and is in buy range from a 259.81 cup-base entry. The stock hit a high of 279.95 on Nov. 27, but has since backed off in lighter-than-average volume and has struggled to stay in the buy zone.
Meanwhile, applications software company and Leaderboard stock Adobe Systems (ADBE) continued its breakout from a cup with handle, moving up 0.5% to the top of a 5% buy range over a 310.10 buy point.
On Leaderboard, cloud-based business software maker ServiceNow (NOW) added 0.4%. It has moved into the upper half of a consolidation pattern after finding support at the 50-day and 200-day moving averages.
Among exchange traded funds, Innovator IBD 50 ETF (FFTY) closed barely higher.
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