Major indexes added to their December rally in morning action on the stock market Tuesday, as the Dow Jones Industrial Average climbed more than 100 points and reached another all-time high. Meanwhile, investors digested mixed November housing numbers.
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The Dow Jones Industrial Average gained 0.5% in recent trades, while the Nasdaq composite also climbed 0.5 %. The S&P 500 added 0.4% in the stock market today and hit a new 52-week high.
In small caps, the Russell 2000 showed its strength and gained 1.4%. And the 10-year Treasury yield shed 4 basis points to 3.92%.
The Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, bumped up 0.4%. The Innovator IBD 50 ETF (FFTY) flexed its muscle and rose 1.3%.
Volume fell on the New York Stock Exchange and rose on the Nasdaq vs. the same time on Monday.
The Commerce Department reported that November housing starts jumped to an annual rate of 1.56 million versus the 1.36 million forecast from economists. This also exceeded October’s revised 1.359 million rate. The uptick in starts got a tailwind from dropping mortgage rates.
But November building permits dipped to an annual rate of 1.46 million vs. the 1.47 million expected. It was also lower than October’s revised annual rate of 1.498 million.
Stock Market Movers: Solar Stock Shines
Sunnova Energy International (NOVA) soared in heavy volume after Piper Sandler upgraded the solar storage stock to overweight from neutral and doubled its price target to 26 from 13. The stock reclaimed its 200-day moving average.
Solar stocks got a recent boost on expected lower interest rates after underperforming. The energy-solar group ranks a dismal No. 196 out of the 197 industry groups followed by Investor’s Business Daily.
Accenture (ACN) eased from larger morning losses, and added 0.4% in recent trading, after the consulting company reported a beat on its fiscal first-quarter earnings and sales expectations. Investors clued in on a second-quarter revenue projection that came in below analysts’ forecasts.
Accenture shares remain in the 5% buy zone of a cup base with a 330.44 buy point. ACN also formed a bullish three-weeks-tight pattern with a 338.50 entry point, according to MarketSmith pattern recognition. The stock is coming off a 52-week high reached Friday and successfully tested support at its 21-day exponential moving average.
FactSet Research Systems (FDS) rebounded from an early morning drop to gain 1.9% after the company reported it beat fiscal first-quarter profit and sales estimates. FactSet, however, lowered its full-year fiscal 2024 earnings and revenue outlook.
Shares are in the buy zone of a cup-with-handle base with a 458.88 buy point. The financial data stock fell below its 50-day moving average in early trading but recovered. Its relative strength line has been on a steep downtrend, which is a negative sign.
Stock Shakers: Aerospace Stock Rises
Heico (HEI) eased from larger gains earlier in the session, but was up nearly 2% after the aerospace and electronics parts maker reported better-than-expected fiscal fourth-quarter earnings and revenue late Monday. Shares are in the buy zone reaching to 191.29 of a saucer-shaped base with a 182.18 buy point. HEI stock hit a 52-week high on Tuesday.
Online real estate stock Zillow Group (ZG) rose more than 3% to break out of a cup base and hit a 55.68 buy point. Shares are in the buy zone up to 58.46.
Shipping stock FedEx (FDX) was relatively unchanged ahead of its fiscal second-quarter results, which were due after the close Tuesday. Shares are in the 5% buy zone of an irregular base with a 270.95 buy point reaching to 284.50.
The stock hit a 52-week high on Monday. Analysts project 22% earnings growth in fiscal 2024 and 23% in 2025.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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Source: investors.com
