Stocks barreled higher Monday, as the S&P 500 retook its 50-day moving average line with gusto.
The Nasdaq rose 1.2%, while the S&P 500 and the Dow Jones industrial average each added 1%. Small caps led the session, as the Russell 2000 climbed 1.3%. Volume was mixed in the stock market today but nearly flat compared to Friday's pace, according to preliminary data.
Although the S&P 500 and Dow reclaimed their 50-day lines, the Nasdaq remained stuck under its own 50-day average.
Apple (AAPL) advanced 4% in fast trade, injecting fuel into the day's rally. Apple makes up almost 6% of the Nasdaq's weighting. News that Warren Buffett's Berkshire Hathaway (BRKA) bought 9.8 million shares of Apple in the first quarter ignited the move.
Blue chips were up, with a third of the stocks in the Dow industrials rising 1.5% or more. Apple is a Dow component, but a dozen stocks have a higher price than Apple in the price-weighted Dow.
Among top-rated world stocks, NetEase (NTES) jumped 6% in brisk volume. The China-based gaming and Internet stock is building the right side of a consolidation. But NetEase remains 12% off its high.
In IBD's Stock Spotlight screen, which often identifies potential winners early, Installed Building Products (IBP) struck a new high in moderately higher volume. The company, which went public in 2014, provides and installs insulation, garage doors and rain gutters.
Biotechs, oil and gas machinery and construction equipment groups did best for the day. Department stores were weak.
