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Techs, Small Caps Pack Punch In Bullish Session; Earnings Lift Adobe, Costco | Stock News & Stock Market Analysis

The stock market held strong gains late Friday as all three major stock indexes looked poised for record closing highs.

Stocks were in a cheery mood after Bloomberg reported that the GOP tax bill will meet Sen. Marco Rubio’s child credit demand.

X The Russell 2000 and Nasdaq composite led the way, up 1.8% and 1.2% respectively. The S&P 500 added 1% and the Dow Jones industrial average picked up 0.7%. Volume  on the NYSE and Nasdaq was tracking quite a bit higher than Thursday’s levels, but volume was skewed by options expirations.

In the stock market today, Adobe Systems (ADBE) gained nearly 2% on strong earnings. Several analysts raised their price targets on Adobe after the company gave an upbeat outlook for fiscal 2018. Adobe continues to find support at the 50-day moving average for the first time after a recent breakout.

In the retail space, Costco (COST) continued higher on solid quarterly results. Shares jumped nearly 4% to 193.21. Headed into earnings, Costco was extended from a 173.19 cup-with-handle entry. The company reported its second straight quarter of double-digit sale growth after several quarters in a row of single-digit growth.

In the financial space, Wintrust Financial (WTFC) found support at the 50-day line in solid volume after a recent breakout over a 79.72 buy point. Shares rose 4% to 83.72.

In the aerospace/defense group, Mercury Systems (MRCY) reclaimed the 50-day line as it works on a flat base with a 54.59 buy point. Shares rose 6% to 53.45.

On the downside, railroad operator CSX Corp. (CSX) dived 7.5% to 52.93 on news CEO Hunter Harrison is taking a medical leave after complications from a recent illness.

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