The S&P 500 closed higher by 0.43% and the Dow inched higher by 0.24%. The averages wavered between flat and slightly lower for much of the day before a rally in the final few hours of trading. The NASDAQ outperformed today on strength of biotech stocks. Biotech gained by 2.9% and had a positive impact on all of healthcare.
Trading in technology was mixed. Apple closed lower on the day. Semiconductors rose again today. Intel continued its recent climb higher. Microsoft closed lower for the week after recent strong performance.
Energy stocks lagged as the sector lost 0.5%. Crude prices were off 0.6% on the day and stocks in the space followed the price of the commodity. Gold sold off again today. The metal opened lower and saw losses accelerate to as much as 3% before it closed well off its lows, but still lower by more than 1%.
The industrial sector was weak today despite strength in the transportation area. Transports rose by 0.60% for the day and by 2.5% for the week. Rails continue to be strong as Union Pacific continues to trade higher after it broke out in response to strong earnings last month. UNP gained more than 3% for the week.
Gap, Inc. spiked by more than 5% after they reported better than expected earnings after the close last night. Tesla is another consumer discretionary name that shined this week. Tesla climbed by another 10% today and by more than 40% for the week. Starbucks is another leader of the sector that rose sharply this week.
Source: PFS Group
