The Nasdaq posted an all-time closing high Tuesday but couldn't break free from recent sideways action on the stock chart.
The Nasdaq pushed ahead 0.5%, while the S&P 500 and the blue chip Dow Jones industrial average rose 0.3% and 0.25% respectively. Volume in the stock market today was running higher on both major exchanges, according to preliminary data.
Gains have been on the small side lately. The Nasdaq hasn't posted a gain of 1% or higher in about four weeks. The S&P 500 hasn't done so in about eight weeks. On the downside, it has been 10 weeks since the market suffered a daily loss of at least 1%.
Tuesday afternoon, advancing issues led declining issues narrowly in the Dow. The day's biggest gainer was Chevron (CVX), up 1.5% in quiet trade. Exxon Mobil (XOM) popped 1.3%. The price of West Texas intermediate crude oil rose 1% to just under $45 a barrel.
Among top-rated stocks, action was more robust. Stocks posting new highs included China-based online marketer Alibaba (BABA), Boston-based cloud software provider LogMeIn (LOGM), China-based online gaming provider NetEase (NTES), China-based internet portal Sina (SINA) and California-based telecom play Lumentum (LITE).
Two leaders broke out. Social network operator Facebook (FB) cleared a 128.43 buy point, while entertainment software provider Activision Blizzard (ATVI) took out a 43.15 buy point.
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