The stock market held its sharp gains Thursday afternoon as a mix of industrial and consumer stocks led the market higher.
The Nasdaq composite leaped 1% and now looks on better footing above its crucial 50-day moving average.
Nasdaq component Netflix (NFLX) rose more than 1%, in volume that made it one of the busiest-traded stocks today. Shares of the video streaming service remain below the key 50-day moving average but seem to have settled above the 140 price level. The stock fell below the 50-day line earlier this week after a mixed quarterly report.
The Dow Jones industrial average jumped 1% and the S&P 500 added 0.9%. The S&P was edging back above its 50-day line. The small-cap Russell 2000 rose 1.2%. Volume was tracking lower on the Nasdaq and higher on the NYSE.
Steel stocks jumped to the top of industry groups after strong earnings from a couple of companies. Also, steel industry CEOs met with President Trump, who ordered a probe into whether imports of steel are hurting national security. U.S. Steel (X) jumped 8% as shares found support at the 200-day moving average and may have finally ended a two-month slide.
Paint, cement, machinery and other industrials also were top-performing groups. Apparel stores, department stores, discount chains, and credit card industry groups were among the best performers in today’s market, a good sign for the consumer sector.
Select Comfort (SCSS) soared 27%, breaking out past the 28.44 buy point of long cup-without-handle base. Volume was heavy after the maker of the Sleep Number mattresses beat expectations and raised its guidance.
Pool (POOL) rose 1.5% after the pool-products company reported quarterly sales and earnings that were above views. The stock, which saw heavy trading, found support at the 50-day moving average, where it is in a secondary buy area.
Rollins (ROL) rallied 1.5% to move above the 37.39 buy point of a flat base. Volume was tracking about 30% above average levels. The five-year average EPS growth rate is 11%, but the parent company of Orkin and other pest-control services has an exceptionally steady profit performance. The earnings Stability Factor is 1 on a scale that runs from zero (calm) to 99 (wild).