The Nasdaq composite climbed to a record high Tuesday before the stock market faded into the close. Market heavyweights did much of the labor in taking the Nasdaq to an eighth consecutive gain.
XApple (AAPL), Microsoft (MSFT), Amazon.com (AMZN) and other weighty stocks climbed 0.7% to 1.9%. Those three stocks alone make up about 25% of the composite, so any time they have a good day, the whole index benefits. All three also made new highs, after succeeding from their most recent breakouts.
The Nasdaq topped its prior record high of 10,086, but sellers trimmed the stock market's gains in the final two hours of trading. The Nasdaq, up as much as 1.6%, closed with a 0.7% gain.
Only defensive sectors — utilities, real estate and telecom — were lower. Technology led the market. Also, the Communication Services Select Sector SPDR Fund (XLC), made up predominantly of Facebook (FB) and Alphabet (GOOGL), rose 0.7%.
The gains certainly weren't limited to big caps. Advancing stocks led decliners by 7-to-5 on the NYSE and by 5-to-4 on the Nasdaq. Volume rose on the Nasdaq and fell on the NYSE, according to preliminary data.
The S&P 500 rose 0.4% and remains stuck in a narrow trading range it's been in for a week now. The Dow Jones Industrial Average rose 0.5%, again falling short of its 200-day moving average.
Innovator IBD 50 ETF (FFTY) underwhelmed, closing flat on the day. A mix of chip, software and retail stocks helped drag down the index. Fortinet (FTNT) gave back about 4% after rising above a trend line on Monday. But a basing effort still appears to be intact.
While the market sparkled, few stocks broke out of bases. Vertex Pharmaceuticals (VRTX) climbed above the 295.65 buy point of a flat base. Vertex, an IBD Leaderboard member, closed slightly below the entry. Volume was light.
Ameresco (AMRC), an IBD Stock Spotlight member, broke out of a cup-with-handle base in heavy trading. Shares jumped past the 24.27 buy point after the company won a contract from the Oregon Department of Transportation to convert streetlights in the Portland Metro area to LEDs. The contract is worth $18.6 million. But Ameresco is a thinly traded stock with an average daily dollar volume of $5.4 million.
Health care technology provider Inovalon Holdings (INOV) rose above the 20.14 buy point of a cup with handle. It closed a penny below it, and volume was soft.
Juan Carlos Arancibia is the Markets Editor of IBD and oversees our market coverage. Follow him at @IBD_jarancibia
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