Stock Market Makes Big Gains For the Week; Parts Maker Breaks Out

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The stock market closed the day strongly, with all major indexes up sharply. The Nasdaq was the leader on big-tech earnings reports.




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The S&P 500 rose 1.4% while the Dow gained 1% on Friday. The Nasdaq composite popped 1.9% and the small-cap Russell 2000 lagged with an increase of 0.7%.

The Nasdaq closed the week up 4.7% and the S&P 500 gained 4.3%. The Dow closed the week up 3% and the Russell 2000 gained 4.3%.

The Dow Jones Industrial Average gained over 300 points for two days in a row. The Dow closed below the necessary 32,877.66 to officially be out of correction territory.

NYSE preliminary closing volume was down 7.1%% compared to Thursday, while Nasdaq volume declined 4.5%.

Investors seemed to ignore the negative personal spending and incomes report from this morning, and the stock market continued to climb. The 10-year Treasury yield slid slightly, by 1 basis point to 2.66%.

Stocks Breaking Out Include Aircraft Parts Maker

Heico (HEI), an aircraft parts company, was up 5.2% on heavy volume, and broke out of a double-bottom base hitting the 151.36 buy point. Heico announced that its Electronic Technologies Group entered into an agreement to acquire Exxelia International, a designer and manufacturer of parts for aerospace and defense applications.

U.S. Stock Market Today Overview

Index Symbol Price Gain/Loss % Change
Dow Jones (0DJIA) 32846.45 +316.82 +0.97
S&P 500 (0S&P5) 4130.44 +58.01 +1.42
Nasdaq (0NDQC ) 12390.69 +228.10 +1.88
Russell 2000 (IWM) 187.14 +1.21 +0.65
IBD 50 (FFTY) 28.45 +0.26 +0.92
Last Update: 4:34 PM ET 7/29/2022

Heico stock hit a new high on the relative strength line on the MarketSmith chart. The company is ranked No. 2 in the aerospace and defense industry, which is No. 31 out of 197 industries IBD tracks.

Vici Properties (VICI), a gaming and hospitality real estate investment trust, was up 1.2% on light volume and broke out of a cup base, hitting the 34.05 buy point. The stock is in the 5% buy zone. The company reported Q2 earnings on Wednesday, beating expectations on both EPS and sales. Vici has a 91 Composite Rating but a low EPS Rating of 59.

IBD 50 Stocks Moving Includes A Biotech Company

The Innovator IBD 50 ETF (FFTY), a gauge of growth stocks, was up 0.9%, lagging the major indexes.

Sarepta Therapeutics (SRPT), a biotech company specializing in rare diseases, gained 8.2% as it gapped up above the 93.60 buy point, and is in the 5% buy zone. The company will seek accelerated U.S. Food and Drug Administration approval of its muscular dystrophy treatment.¬†Needham raised its price target on Sarepta’s stock to 162 from 150 and maintained a buy rating.

KLA (KLA), a provider of services to semiconductor companies, was up 3.7% after beating fiscal Q4 earnings and sales numbers Thursday after market close. Shares are above the 200-day moving average on the weekly chart.

KLA has a 97 Composite Rating and 97 EPS Rating. Morgan Stanley raised its price target to 381 from 377.

Cross Country Healthcare (CCRN), a medical staffing company, lost 3.8% but remains above the 21-day exponential moving average.

Crude Oil Lifts ETF

The SPDR Select Energy ETF (XLE) was up 4.2% along with oil stocks, including Occidental Petroleum (OXY). It climbed 5% on higher oil prices ahead of next week’s OPEC+ meeting.

Crude oil futures gained 2% to $98.34 per barrel. Bitcoin futures gained 0.5%, rising above the $24,000 level, to $24,085.

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