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Stocks Rebound To Biggest Gain Of Year As Apple, Chip Names Rally | Stock News & Stock Market Analysis

Stocks recovered from a steep early dive Tuesday and rebounded into the biggest one-day advance of the year for the Dow, the Nasdaq and the S&P 500.

Telecom gear makers, homebuilders and data storage names posted many of the best gains of the day. Some of the heaviest losses came from gold miners, solar energy stocks and utilities.

The Dow Jones industrial average gained 2.3%, as more than a third of its stocks turned in gained of more than 3%. DowDuPont (DWDP) and Home Depot (HD) led the index, but Apple (AAPL) was the mover and shaker, reversing a brief early decline and ending up 4.2%. The huge-volume move showed solid support at the stock’s 40-week moving average.

Exxon-Mobil (XOM) posted the Dow’s biggest loss of the day, down 1.6%. That left the oil giant 8% lower for the week and nearly 13% below its Jan. 29 high.

The S&P 500 advanced 1.7%, and the Nasdaq Composite bounced 2.1% higher, aided by Apple and by FANG stock tech leaders (AMZN) and Netflix (NFLX), which rose 3.8% and 4.5%, respectively. Amazon’s move left shares less than 4% from Friday’s high, and still extended after a breakout in January. Netflix ended 8% below its high, but also extended from a January breakout.

Chip stocks posted many of the Nasdaq strongest moves of the session. Micron Technology (MU) jetted 11% higher as a pair of analyst upgrades followed an increase to its fiscal second-quarter revenue and earnings guidance, and news of a new chief financial officer, announced after Monday’s close. The gain hoisted shares back to their 10-week moving average, as the stock continues building a two-month base pattern.

In earnings news, the day’s biggest winners were all tech names: Fabrinet (FN), Oclaro (OCLR) and Lumentum Holdings (LITE). Vishay Intertechnology (VSH) swooned 8% after a weaker-than-expected fourth-quarter performance, wiping out a three-month basing effort.

Fabrinet spiked 25% after scoring a fiscal second-quarter sales and earnings beat late Monday. Fiber optic gear maker Oclaro bolted 21% higher. Lumentum soared 21%. All three stocks remain deep in multi-month corrections.

Skyworks Solutions (SWKS) pounded out again of 10% after reporting its fiscal second quarter late Monday. Shares are attempting to beat resistance at their 10-week moving average, and move up the right side of a three-month consolidation.

General Motors (GM) chalked off a 5.9% advance. The Motor City veteran saw earnings rise even as car sales declined in 2017, with higher-margin truck and SUV sales making up the difference. The contract manufacturer of electronic components’ stock has been consolidating since notching a high in October.


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