After two straight days of big gains for the major market indexes, stocks took a breather Thursday to end narrowly mixed in quiet trade.
The Dow Jones industrial average held a 0.1% gain, and the S&P 500 was barely positive, allowing both to eke out new highs for the year; the Nasdaq ended fractionally lower. Volume was lighter across the board vs. Wednesday, according to preliminary figures. Winners edged past losers by a 5-4 margin on the NYSE, but decliners slightly outpaced advancers on the Nasdaq.
Gold miners, energy and department stores were among the biggest decliners in the stock market today, as West Texas Intermediate crude prices fell for a second day.
Airlines, 3D printer makers and medical stocks outperformed. Delta Air Lines (DAL) soared as much as 4% intraday before settling for a 1% gain in fast trade. The carrier reported mixed Q1 results as earnings topped views and nearly tripled, helped by lower fuel costs, but revenue was a bit short. Delta said it may trim its fleet capacity. Shares are slightly below a 49.55 handle buy point.
Among other carriers, American Airlines (AAL) rose 3%, while Spirit Airlines (SAVE), United Continental (UAL) and Southwest Airlines (LUV) each picked up 2%.
3D Systems (DDD) gapped up and surged 10% to a nine-month high in heavy trade. The stock has trended upward since mid-January but is still 44% off its 52-week high. Bank of America upgraded the 3D printing systems maker to buy from underperform and raised its price target to 26 from 11.
Chipotle Mexican Grill (CMG) advanced 3%, also on an analyst upgrade. JPMorgan upped its rating on the embattled burrito chain to overweight from neutral and hiked its price target to 510 from 465. The stock is still below its 50-day and 200-day lines and is 39% off its 52-week high.
Bank of America (BAC) added 2.5%, extending its win streak for a fifth straight session. Shares are nearing a three-month high. The bank reported mixed Q1 results: Earnings topped views by a penny, but revenue missed.
On the IBD 50, Universal Display (OLED) gained 3% in big volume to a new high. The stock is extended from a 54.78 buy point but still in range from an alternate handle entry of 56.01.
On the economic front, consumer prices climbed 0.1% in March, up from a 0.2% slide in February but below forecasts for a 0.2% increase. Jobless claims fell sharply to 253,000 in the week ended April 9, well below views for 267,000.
Up Friday: industrial production for March, along with the Empire State manufacturing survey and consumer sentiment, both for April.
