Nasdaq Leads With Facebook Back In Buy Range; Bitcoin Skyrockets
The major market averages all ended higher Thursday, but trimmed gains into the close. The tech-heavy Nasdaq advanced for a second straight day, rising 0.5%, while the small-cap Russell 2000 rallied 0.8%. Large-cap leader Facebook (FB) surged over 2% and is in buy range.
X The Dow Jones industrial average and the S&P 500 rose 0.3% apiece. Preliminary data showed volume on the Nasdaq coming in close to Wednesday’s levels. Volume on the NYSE fell a bit.
Meanwhile, Bitcoin’s frenzied trading continued, soaring through multiple milestones throughout the day.
Among the Dow Jones industrial components, Boeing (BA) was near the top of the day’s gainers with a 1.3% advance. The airplane maker is up about 14% from its most recent buy point — a 246.59 flat-base entry.
On the downside, Proctor & Gamble (PG) and Coca-Cola (KO) were the Dow’s biggest losers in the stock market today, falling 1.3% and 1.4%, respectively. P&G is in the midst of a flat base, as it holds above the 50-day line. Meanwhile, Coke is about 3% below a 47.08 entry and just under the 50-day line.
FANG stock Facebook extending a win streak to three trading sessions, moving up 2.3%. The longtime leader regained its flat-base buy point and critical 50-day line Wednesday. The stock was still in buy range, about 3% above the 175.59 entry.
Meanwhile, chip leader Broadcom (AVGO) reported better-than-expected fiscal-Q4 results late Wednesday, sending its shares up more than 4% at its intraday peak. But the stock trimmed those gains, ending up mostly flat. The stock is still in buy range from a 259.46 flat-base buy point.
Fellow leading chip stock and IBD 50 member Applied Materials (AMAT) jumped 2.5%, as it tries to make up ground from last week’s sharp decline. The stock remains squarely below its 50-day line.
Graphics-chip maker Nvidia (NVDA) advanced 1.4%. It, too, remains below its 50-day line.
Inside the IBD 50, only three leading growth stocks closed in the red Thursday. On the upside, China-based YY (YY) surged over 8%, as it once again finds support near its 10-week moving average line.
Meanwhile, IBD Sector Leader Arista Networks (ANET) advanced 3.3%, rallying for a third straight day. The networking software maker is finding support at its 50-day line after a precipitous decline Monday.
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