Stocks again marched in lock step with oil prices Wednesday, erasing sharp early losses to end higher.
The Nasdaq, down nearly 1.6% early in the day, ended with a gain of 0.9%. The S&P 500 rose 0.4% and the Dow Jones industrial average edged up 0.3% after reversing similar losses. Volume in the stock market today rose 16% on the Nasdaq and 12% on the NYSE compared to Tuesday, according to preliminary data.
Solar stocks were among the day's biggest gainers. First Solar (FSLR) jumped nearly 13% in huge volume after it posted a much less-than-expected 16% decline in Q4 profit to $1.60 a share. Sales slipped 7% to $942 million. The company also raised its 2016 sales outlook.
The stock rebounded above its 50-day moving average and is within striking distance of a 72.22 buy point.
In the IBD 50, Ellie Mae (ELLI), which develops software for the mortgage financing industry, jumped 3% in strong volume and retook an 83.02 buy point.
On the downside, real estate investment trusts took a hit, led by 1% declines each at Public Storage (PSA), Store Capital (STOR) and Equity Lifestyle Properties (ELS).
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