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Stocks Hit Record Highs; Why It’s A Good Day For Costco, Keystone Pipeline | Stock News & Stock Market Analysis

The major indexes rose to record highs Tuesday afternoon, as the major indexes held at session highs and retailer Costco (COST) broke out of a base.

XAutoplay: On | OffThe Nasdaq rallied 0.9%, the S&P 500 0.7% and the Dow Jones industrial average 0.8%. The Russell 2000 added 0.8% and also made an all-time high after the small-cap index cleared a 31-day consolidation.

Market volume was higher than at the same time Monday, and breadth was positive, with winners over losers by a 7-to-3 ratio on the NYSE and by 9-to-5 on the Nasdaq.

Metal, machinery and other industrial industry groups performed admirably. Homebuilder and heavy construction industry groups were among the best performing in today’s market after existing-home sales rose 2% from the previous month to a 5.48 million annual rate. The median sales price rose 5.5% from a year ago to $247,000. The National Association of Realtors report indicates demand rose as the impact from hurricanes started to fade.

Semiconductor, data storage, network security software and other technology groups also were leading the market.

Mellanox Technologies (MLNX) gapped up out of a choppy base in tremendous volume. It cleared the 50.20 buy point of handle. Reports said activist hedge fund Starboard Value LP acquired a 10.7% in the chipmaker, and the fund hopes to cause strategic changes to improve financial performance.

Costco Wholesale broke out of another choppy cup with handle. The retailer rose past the 173.19 buy point but volume was tracking below average.

TransCanada (TRP) broke out of a double-bottom base, clearing the 50.75 buy point. Volume was above average but not impressive.

Nebraska regulators on Monday authorized a route for TransCanada’s controversial Keystone XL pipeline through the state, Reuters reported. The vote lifts a regulatory obstacle but the project remains saddled in legal troubles. The commercial viability also is in question as oil prices trade around $56 a barrel.

Rexford Industrial Realty (REXR) is the latest in a series of real estate investment trusts to break out. The stock topped the 30.76 buy point but volume was pale. The REIT owns and operates industrial properties in Southern California.

Dollar Tree (DLTR) soared to a nearly record high after the discount chain beat profit and sales expectations for the October-ended quarter. The company outlook was mainly positive, too.


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