Stocks reversed from small losses to finish with small gains Thursday as crude oil prices surged and Wal-Mart (WMT) gave the Dow a lift.
The Nasdaq and S&P 500 each climbed 0.2%, while the Dow Jones industrial average edged 0.1 higher. Volume was lower across the board vs. Wednesday, according to preliminary figures.
Fiber optic, oil and solar stocks were among the day's biggest gainers in the stock market today, as West Texas intermediate crude prices surged 3% to above $48 a barrel. But office supply retailers, newspapers and dairy products stocks lagged.
Wal-Mart pared an early advance to less than 2% but still ended the session with the Dow's top advance. Shares hit a 52-week high intraday. The world's biggest brick-and-mortar retailer reported Q2 results that topped views and raised its full-year earnings outlook.
But Caterpillar (CAT) fell more than 1% after the heavy equipment maker reported disappointing retail machine sales for the three-month rolling period ended in July.
On the IBD 50, Acacia Communications (ACIA) rose 2% in fast turnover. Shares of the fiber optics company have rallied more than 400% from their May 13 offering price of 23 a share.
Other IBD 50 stocks making big gains included Ulta Beauty (ULTA), which advanced 2% to a record best in above-average volume. Shares are sharply extended from a March breakout past a 188.58 buy point. Analysts expect both earnings and sales to rise 21% when the beauty store operator reports quarterly results next Thursday.
NetEase (NTES) halved its intraday drop but still fell 3% despite a strong quarterly report late Wednesday. Volume was about three times higher than normal. The stock triggered a profit-taking rule earlier this week when gains from a 179.20 cup-with-handle entry reached 20%.
In economic news, new jobless claims slowed to 262,000 the week ended Aug. 13, below views for 265,000 and the prior week's 266,000 claims.
Friday's light economic data schedule includes Baker-Hughes' weekly oil rig count.
