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Dow Gaps Up Again To Record High; JPMorgan, Goldman Lead | Stock News & Stock Market Analysis

Major stock indexes held decent gains near midday Friday as weak results from General Electric (GE) didn’t have much effect on the price-weighted Dow Jones industrial average.

XAutoplay: On | OffThe Dow outperformed, rising 0.5%, while the Nasdaq composite added 0.4% and the S&P 500 picked up 0.3%. Volume on the NYSE and Nasdaq was tracking higher than Thursday’s levels in the stock market today but was skewed somewhat by options expiration.

Positive sentiment was fueled in part by renewed optimism that tax reform could become a reality. The 10-year Treasury yield was up 6 basis points to 2.38%.

Six Dow names were up 1% or more, helping offset a 1.5% decline in shares of GE. Earnings per share missed by a wide margin, fueling fears that GE might do away with its quarterly dividend of 24 cents a share. GE currently yields around 4%. Shares were down as much as 6%.

Strong gainers in the Dow included UnitedHealth Group (UNH), Goldman Sachs (GS), JPMorgan (JPM) and Cisco Systems (CSCO).

Inside the IBD 50, Atlassian (TEAM) dominated the action, soaring 23% to 49.57 on strong earnings. The U.K.-based software name closed just above a 39.35 buy point Thursday. The stock gapped up Friday, so new buyers might’ve have opted to buy near the stock’s open price of 46.24.


IBD’S TAKE: Atlassian has several traits seen in past market winners before big price moves. To see what they are, check out this section of IBD University.


Skechers (SKX) was another winner, up 37%, on surprisingly strong earnings. Earnings per share jumped 40% to 59 cents a share, well above the consensus estimate of 43 cents. Sales hit a quarterly record of $1.09 billion, up 16% from the year ago quarter.

On the downside, Celgene (CELG) was down 10% on news the biotech giant discontinued a pair of late-stage trials for a drug being investigated to treat Crohn’s disease.

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