Nasdaq, S&P 500 Extend Win Streaks; Financials Shine, Proofpoint Up Again
Blue chips outperformed Tuesday, lifting the Dow Jones industrial average to a 0.4% gain. Meanwhile, the Nasdaq composite and S&P 500 rose for the sixth straight session with gains of around 0.1%.
X Boeing (BA) outperformed in the Dow, rising nearly 3%, after the company reported a record backlog of orders for commercial jets. Separately, Goldman Sachs (GS) and JPMorgan (JPM) also did well in the Dow as bonds sold off. The 10-year Treasury yield jumped 6 basis points to 2.54%.
Preliminary data showed volume on the NYSE and Nasdaq coming in slightly higher than Monday’s levels in the stock market today.
Heavy-volume gainers included Proofpoint (PFPT). Shares rose 1.5% to 97.72. It cleared a conventional entry of 98.02 early but pulled back a bit. Adobe Systems (ADBE) and PayPal (PYPL) are also trying to clear bases.
Leaderboard name Autohome (ATHM) surged 6% to 79.40. China stocks continue to perform well in the market, but shares of Autohome have quickly become extended from a conventional entry at 67.79.
Elsewhere, shares of longtime laggard Eastman Kodak (KODK) more than doubled to 6.80 after the company announced plans to create a new platform for digital photography with its own digital currency.
Inside the IBD 50, SVB Financial (SIVB) was a top gainer, rising more than 1% to 246.89. SVB Financial gapped out of a lengthy consolidation in late October and hasn’t looked back. Like many other financials, SVB is extended in price, or too late to buy.
A few retail names made headlines ahead of December retail sales data due Friday before the open.
Target (TGT) gained about 3% to 69.14 on news of strong holiday sales, but it was a different story for Urban Outfitters (URBN), American Eagle (AEO) and Express (EXPR) as all three issued weak guidance.
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