Stocks Close With Strong Gains, As These Ibd 50 Names Rise More Than 3%
The stock market held strong gains at the closing bell Thursday. Stocks briefly cooled off midday amid a report from CNBC that Republicans are pushing back plans to vote on making individual tax cuts permanent. Several IBD 50 stocks held gains in excess of 3%, including Nvidia (NVDA) in the stock market today.
President Trump tweeted earlier in the day that a missile strike on Syria "could be very soon or not so soon at all."
The Dow Jones industrial average paced the major stock indexes with a 1.2% advance, while the Nasdaq composite picked up 1%. The S&P 500 followed up with a 0.8% gain. All three major stock indexes were nearing their 50-day lines, which could be a potential resistance level.
Volume was higher on the Nasdaq, but lower on the NYSE compared to Wednesday's trade, according to early data.
Among the Dow industrials, Intel (INTC) was one of the day's top performers with a 3% rise. Shares are nearing a new high after finding support at the 50-day line earlier this month.
Meanwhile — according to CoinDesk — the price of Bitcoin shot up 10.6% to around $7,681 after a sudden move to the upside. Payment processor and cryptocurrency play Square (SQ) rose more than 4%. The stock is trying to recover above its 50-day line after a steep three-week sell-off.
FANG stocks Netflix (NFLX) and Amazon.com (AMZN) outperformed Thursday. IBD 50 member Netflix made its fourth straight gain, rising nearly 2%. The Leaderboard member is shaping the right side of a potential base as it finds support at its 10-week line. Netflix has been seeing positive analyst comments ahead of the company's Q1 earnings Monday after the close.
Amazon.com rallied 1.6%, but is still trading below its 50-day line.
Fellow FANG Facebook (FB) dipped 1.5%, as two Wall Street analysts cut their price targets on the social media giant. Shares are still on track for an over-4% weekly gains, and are well-off their March 26 lows.
Costco (COST) moved up 2.3%, as it nears a flat base's 199.98 buy point. Early Thursday, the company reported strong monthly sales. Its relative strength line is near new highs, as the stock sits about 5% below the entry.
Casino stocks were on the rise Thursday with Melco Resorts and Entertainment (MLCO) breaking out above a 29.78 cup-with-handle buy point in heavy volume. Meanwhile, Wynn Resorts (WYNN) is nearing its own cup-with-handle entry at 192.85.
Inside The IBD 50
Among leading growth stocks, memory-chip maker Micron Technology (MU) and graphics-chip name Nvidia (NVDA) rallied 4.2% and 3.7%, respectively. Micron is rebounding strongly from its 10-week line this week after a heavy three-week sell-off brought the stock back to its 47.08 double-bottom entry.
Nvidia is nearing its 50-day line. The stock is forming a new base after a previous breakout above a cup-shaped base's 218.77 faltered.
Atlassian (TEAM) moved up 3.4%, extending a win streak to four trading sessions. The stock has rebounded nicely over the last two weeks and is just 2% off its 52-week high. It's extended from a pullback to the 50-day line.
Superregional SVB Financial (SIVB) regained its 50-day line for the first time since March 22 with a near-3% rise. A previous breakout above a 263.19 flat-base entry failed and the stock will look to shape a new base.