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Stock Market Today: Indexes At Record Highs As Cisco, Salesforce.com Reach Buy Points | Stock News & Stock Market Analysis

The major indexes climbed to record highs Friday afternoon as Cisco Systems (CSCO) and Salesforce.com (CRM) broke out of bases, the latest in a series of breakouts among big-cap stocks.

XAutoplay: On | OffThe Nasdaq rose 0.5% and the S&P 500 0.4% as the indexes entirely wiped away the sharp losses seen Thursday morning.

The Dow Jones industrial average was up 0.6%, despite a big drag from Procter & Gamble (PG). The household goods giant gapped down 4% in heavy trading after sales for the September-ended quarter missed estimates.

The small-cap Russell 2000 added 0.6% as it tries to shake off a modest slump. Volume was running higher on the NYSE and lower on the Nasdaq compared with the same time Thursday. Breath was stronger on the Nasdaq, where winners led losers by 7-to-4. On the NYSE, advancers were up 7-to-5.

More big-cap leading stocks broke out in today’s trading.

Cisco Systems gapped past the 34.20 buy point of a cup with handle. The company, a pioneer in internet networking technology, is acquiring acquire Perspica, a machine learning operations analytics company. The company is one of the biggest stocks in the Nasdaq.

Salesforce.com broke out of a base on base formation, clearing the 98.32 buy point. Volume was only average, which diminished the force of the breakout. Salesforce.com, which has a market capitalization of $71 billion, is a leader in customer relation software. EPS growth has been uneven the past four quarters (14%, 47%, 17%, 38%) but analysts expect a 54% rise in earnings for the October-ending quarter.

America Movil (AMX), the giant Mexico-based wireless services company, broke out of a cup base with a 19.15 buy point. Volume was more than triple its average. America Movil reports earnings on Tuesday.

Insurance stocks, which got a boost yesterday from Travelers‘ (TRV) earnings, were up again. Prudential Financial (PRU) rose above a 110.78 buy point of a cup with handle. Prudential, another big cap with more than $47 billion in market value, saw slow trading on the breakout.

Brighthouse Financial (BHF) surged past a 62.09 entry in a cup-with-handle base, but volume also was weak. The base was the first Brighthouse formed since it went public Aug. 7. The provider of life insurance and annuities reports results Nov. 2.

A jump in the yield on the 10-year Treasury note helped banks advance broadly.

Also in the financials, three regional banks broke out, but Cullen Frost Bankers (CFR) and First Busey (BUSE) suffered from soft volume. First Financial Bankshares (FFIN) topped a 46.10 entry in active trading after the Abilene, Texas-based bank beat profit estimates.

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