Dow Jones industrial averages looked ready to stop a five-day winning strike, but the rough 16-point loss in late-hour trading looks pretty huge compared to the 1,136-point rally seen since the day after Christmas. Meanwhile, small capsules were better than in a mild session in stores today.
While the Dow Jones industrial average cut around 0.3% lower, the S & P 600 with small cap moved nearly 0.2% to mark a sixth straight ahead. In 901, the S & P 600 now trampolined more than 13% from a three-week low of 793.
Apple (AAPL) is almost 2% for the week after having lowered more than 5% during the first week in January on a surprising quarterly turnover.
Some small cap leaders have even gone so far to hit new heights, including Innoviva (INVA), Wingstop (WING) and Alteryx (AYX ), which appears to mark a closing height.
Please read this story at Wingstop, the fast-growing chicken wing chain in IBD's new function, IBD 50 Growth Containers for Watch. 19659005] Cannabis Play as Tilray (TLRY) helped the IBD's Consumer Products Special Industry Group by today's biggest gain among 197 IBD industrial groups, an increase of nearly 6%. Wholesale electronics, non-alcoholic beverages, film, specialty and semiconductor companies also led the market upwards with a gain of 1.4% or more.
Tilray, which was more than 20% in supercharged revenue on Friday, was as high as 103.69 in the stock market today. The story also settled on the main 50-day moving average for the first time since November 7. Tilray remains 67% under a full-time climate of 300.
Second major average is in Dow Jones In Posting Miserly Losses
With less than half an hour to go in the normal session, the S & P 500 and Nasdaq Composites also held today's losses limited to about 0.1% to 0.2%. S&P MidCap 400 and Russell 2000 increased fractionally. All of these indices are led into the last hour of trading with strong weekly gains.
Volume runs slightly lower vs. at the same time Thursday on both major exchanges.
Defensive shares cool down more. The Dow utility average dropped 0.8%.
As the Dow Jones Holds Firm, See These Stock Market Factors
In addition to high-quality growth stocks making new heights, there are two reasons why the bear loses control on Street Street.
A market width has improved remarkably. NYSE's advance hike has risen sharply since the end of 2018, and it may break a long-term downtrend. When multiple stocks are on the up, this means that the potential for good bases and strong breakouts also increases.
Two institutions have been reluctant to sell hard since IBD noted an important change in the current outlook for growth stocks. The 4th of January big picture column explains the most important follow-up day that signaled a potential new market trend is underway. Since Friday's important gathering, so far neither Nasdaq nor S & P 500 have signed a distribution day or an unusually large professional sales session.
IBD's sector leader list expands
In December, the IBD Sector Leaders screen dropped to as few as two names. Throughout Thursday, the list has rejuvenated with as many as nine companies qualifying.
In addition to Innoviva, the heart pumping device company Abiomed (ABMD) recently renewed sector leaders and works on a deep cup-type base. No real purchase point has come for now. The stocks have reached almost 3% a week and have jumped up to 25% from a Christmas season of 274.
The major correction for Abiomed, a cardiovascular innovator, is quite normal. Why? Abiomed played a fantastic race. It first broke out of a first stage base with a 30.87 buy point all the way back in the week ending October 31, 2014. Since then, Danvers, Mass., Company increased more than 1,300%, forming new bases along the way.
See to see if Abiomed can resume over 10 weeks and 40 weeks of moving averages, respectively, drawn in red and black respectively in all IBD weekly charts and on MarketSmith. If this is done, it will indicate a return of institutional appetite for stocks.
The company is expected to increase fiscal 2019 earnings (ended in March) with a huge 111% to $ 5.05 a share. But the street is currently seeing earnings dipping 2% in FY 2020 to $ 4.97.
In other financial markets
crude oil futures are given for earnings. WTI near-term prices fell more than 1.5% to $ 51.9 per share. Barrel.
Investors bought back Treasuries. The yield on benchmark 10-year US government bonds fell 4 basis points to 2.70%. The spread between 3-month bills and 10-year notes is currently a slim 28 basis points. But in early 2018, the spread was even thinner at 24 basis points. The reference for 30-year bonds offers 3.04%.
Follow Chung on Twitter at @IBD_DChung for more on growth stocks and financial markets.
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