Stocks held gains in the late part of the session Thursday, but small caps lagged noticeably.I don't think the DJIA is set to make a "new closing high". The record is up around 26,600.
Indexes gapped up at the open and traded near session highs with about an hour left in the session. Volume was lower compared with the same time on Wednesday.
The Nasdaq led with a 0.7% increase. The composite is getting traction as it finds support near the 50-day moving average. It is also back above the 8,000 level, where the index spent several days before its latest pullback.
Invesco QQQ Trust (QQQ), an ETF that tracks the Nasdaq 100, touched its 50-day moving average two days ago, and its rebound from that line looks stronger today. (For updates on this story and other market coverage, check the Stock Market Today page.)
The S&P 500 climbed 0.5% and it is less than 1% from a new high. The Dow Jones industrial average climbed 0.5% also and is on track to make a new closing high.
But the small-cap Russell 2000 was down a fraction. Energy stocks weighed the most on small caps, as the price of crude dropped sharply. Oil futures slid 2.4% to $68.66 a barrel. Concerns about the global economy took down crude prices, which had been rallying ahead of Hurricane Florence. The storm is approaching the Carolinas, although its intensity has diminished.
Semiconductors, which were mauled Wednesday, came back to be among the market leaders. The iShares PHLX Semiconductor ETF (SOXX), which tracks the Philadelphia semiconductor index, jumped 1.4% and is back to its 50-day moving average....MORE
We'll see if IBD corrects.
