Stocks Close Mildly Higher; Bank, Biotech, Booze Company Break Out
The stock market closed with small gains Thursday, another day of indecisive action on Wall Street.
X The Dow Jones industrial average added nearly 0.3%, good for another record close, while the S&P 500 and Nasdaq composite rose less than 0.2%. The small-cap Russell 2000 also rose 0.2%.
Indexes sought direction for most of the day, until buyers swarmed in the final minutes of the session. The S&P 500 closed near its session high after that late burst.
Volume fell on the Nasdaq but rose slightly on the NYSE, preliminary figures showed. Only a few stocks had enough volume to make Stocks On The Move in today’s market. Breath was pretty good for a slow session. Advancers led decliners by 8-to-5 on the NYSE and by 6-to-5 on the Nasdaq.
Energy stocks led as the price of U.S. crude resumed its advance, up 0.4% to almost $ 60 a barrel. Other top groups Thursday were scattered among building, metals and other sectors.
The Dow transports lagged with a 0.5% drop, cooling from a sharp increase so far this month. Logistics, rail, trucking and air freight industry groups were down 0.5% to more than 1%.
Constellation Brands (STZ) — the bottler of beer, wine, whiskey, vodka and other alcoholic beverages — broke out past the 227.30 buy point of a flat base. Volume was above average but not impressive. Constellation has a stake in a Canadian cannabis company, which could get a boost when recreational use of marijuana becomes legal in California on Monday. Constellation reports earnings next Friday.
Zogenix (ZGNX) punched above the 42.70 buy point of a cup-shaped base, although volume was flat. Zogenix is a biotech developing treatments for rare central nervous system disorders. Like many development-stage biotechs, the company has yet to post a profit.
Royal Bank of Canada (RY) cleared the 81.08 buy point of a flat base. Volume was below average.
Constellation Brands Is Breaking Out Ahead Of Earnings, Legal Pot In California