Apple Pushes Toward $1.25 Trillion Value As These 4 New Sectors Lift Stocks

Apple reached a new high with a 1.5% advance and its fifth straight gain while companies in the machinery, mining, oil, banking and transportation sectors paced the upside in the stock market today.

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The Nasdaq composite, S&P 500 and Dow Jones industrial average marched higher in lockstep. All four key indexes rose 0.5% to 0.6% on the back of a bullish private sector U.S. jobs report from ADP. The Russell 2000 rose almost 1.1%. Volume is running sharply higher vs. the same time Tuesday on the Nasdaq and mildly up on the NYSE.

Meanwhile, the Nasdaq 100 kept pace with a 0.5% gain as Apple (AAPL) stormed into new high ground. Notice on a daily chart how the iPhone, iPad and digital music titan shows a relative strength line that has now stretched into new high ground.

WTI crude oil futures rallied 0.7% to $ 75.79 a barrel, continuing oil’s amazing run in 2018. Futures are now up 25.5% year to date.

One Evidence Of Apple’s Outperformance

On all IBD charts, the RS line is drawn in blue. It goes up when a stock is outperforming the S&P 500. Even when the market is down, the RS line can still climb if the stock fell less than the 500.

Apple has now rallied 97% since the stock cleared a 118.12 ideal buy point in a first-stage cup with handle on Jan. 6, 2017. The Nasdaq-listed company’s market value has now exceeded $ 1.12 trillion.

Breadth is positive as winners smacked losing issues on the NYSE by a nearly 5-to-3 margin and almost 2-to-1 on the Nasdaq. Top groups included gaming, superregional banks, oil drilling, mining and construction equipment, oil refining, logistics and metal ores firms.

The Dow Jones transportation average outperformed on Wednesday, rising 0.9%. At 11,385, the sector gauge is now up 7.3% year to date. That lags a 9.7% lift by the S&P 500 and a 16.6% advance by the Nasdaq composite.

Can Miners Catch Up With Apple?

Brazil’s Vale (VALE) spurted as much as 3.2% higher before reversing. Yet at 15.56, shares in the iron ore miner remain above a 15.34 correct buy point in a five-month cuplike base.

The base itself shows elements of a double bottom, but it is not a proper example. The reason? The second sell-off that took Vale shares to a near-term low of 12.43 did not undercut the first sell-off low of 12.28.

Earnings in the megacap commodities play surged 150% to 40 cents a share in the second quarter, the best result in five quarters. Sales accelerated 19% to $ 8.62 billion.

On Leaderboard, Planet Fitness (PLNT) sat out the rally, falling 0.7% to 51.11 in fast turnover. Shares dipped beneath the 50-day moving average but are fighting back to retake the key support-and-resistance level.

The budget-friendly gym operator has shown no fewer than five successful rebounds off or near the 50-day moving average. Shares are now up 86% since a solid breakout in early November past a 27.32 proper buy point in a flat base.

The yield on the benchmark U.S. Treasury 10-year bond jumped to 3.1%, to 1 basis point shy of its May peak. The yield is up 64 basis points from 2.46% on Jan. 2.

Please follow Saito-Chung on Twitter at @IBD_DChung for more on growth stocks, chart analysis, breakouts, sell signals and financial markets.

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