Key stock market indexes closed Friday at fresh record highs as the Dow Jones Industrial Average rallied more than 300 points for the week.
XThe S&P 500 led the stock market today with a 0.5% gain, the Nasdaq rose 0.4% and the Dow Jones industrials advanced 0.3%. Small caps tracked by the Russell 2000 also added 0.3%. Volume swelled on both exchanges, according to early data.
The stock market largely shrugged off President Donald Trump's impeachment Wednesday night, with the indexes notching new highs Thursday and Friday. For the week, the Nasdaq, which stretched its win streak to eight Friday, rallied more than 2%. The S&P 500 scored a 1.7% weekly gain and the Dow Jones rose 1.3%.
Merck (MRK) and Verizon (VZ), up about 2% each, boosted the Dow Jones index. Big Pharma Merck gapped up to a new all-time high after the Food and Drug Administration approved its Ebola vaccine. Shares are almost out of buy range from an 87.45 buy point of a flat base.
Verizon soared past a 61.68 buy point of a long a consolidation in volume 40% higher than usual. It remains in buy range from the entry. A 61 Composite Rating and 61 Earnings Per Share Rating, however, could use much improvement.
Boeing (BA), meantime, fell 1.6% to halt a three-day advance. The jet maker's highly anticipated Boeing Starliner space capsule will not reach the International Space Station as planned, the company said Friday. That only adds to Boeing's woes, as its troubled 737 Max remains grounded. Shares remain 26% off their 52-week high.
Drugstores, RV makers and homebuilders led the upside among IBD's 197 industry groups. Gold miners, generic drug makers and telecom-related stocks lagged.
RV Maker Delivers Upside Surprise
Winnebago (WGO) gapped up and cleared a 51.97 buy point of an eight-week flat base in heavy trade. That marked the stock's highest level since January 2018. But it pared gains to close slightly below the entry.
The RV maker delivered fiscal Q1 earnings that rose 4% to 73 cents a share on a 19% revenue jump to $588.5 million. Analysts expected EPS of 63 cents (a 10% year-over-year decline) on $530 million in sales. Winnebago last month completed its buy of RV firm Newmar, which had $661 million in revenue over the past 12 months.
Over in the IBD 50, life sciences products maker Bruker (BRKR) leapt 4% in weak trade. Shares are 1% away from a 52.33 buy point of a flat base, MarketSmith chart analysis shows.
Landscaping gear maker Toro (TTC) rose more than 3% in heavy volume, gapping up above its 50-day line after a brief stint below. Other big IBD 50 gainers included Merck and D.R. Horton (DHI), up about 2% each.
InMode (INMD), down 7%, was the biggest loser in the IBD 50. The stock is testing its 10-week line for the first time since an October breakout.
The Innovator IBD 50 ETF (FFTY) edged 0.3% higher. Shares are up 27% this year.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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