Stock Market Hits Record Highs As Small Caps Lead, Growth Stocks Lag - Investor's Business Daily

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Small caps spearheaded a broad stock market advance Friday as indexes made record highs, but many growth stocks got left behind.

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The Nasdaq added 0.7% and climbed 2.1% for the week. It was the third straight week of gains for the Nasdaq. The S&P 500 rose 0.9% and closed at session highs. For the week, the S&P 500 climbed 1.7%, its second consecutive up week.

The Dow Jones Industrial Average rose 0.8% as the index tries to firm up above the 30,000 level. Caterpillar (CAT) led the Dow with a 4.3% increase that took the heavy machinery stock to a record high.

Small caps led Friday's stock market as the Russell 2000 rallied 2.3% and reached an all-time high as well. The index has been surging since early November.

U.S. Stock Market Today Overview
Index	Symbol	Price	Gain/Loss	% Change
Dow Jones	(0DJIA)	30217.77	+248.25	+0.83
S&P 500	(0S&P5)	3699.13	+32.41	+0.88
Nasdaq	(0NDQC )	12464.23	+87.05	+0.70
Russell 2000	(IWM)	188.23	+4.31	+2.34
IBD 50	(FFTY)	39.67	+0.17	+0.43
Last Update: 4:06 PM ET 12/4/2020

But Innovator IBD 50 ETF (FFTY) rose only 0.4%. Big Lots (BIG) and Marvell Technology Group (MRVL) sold off after they reported quarterly results. Another drag was Pool (POOL), which fell nearly 3% and ended the week down more than 6%.

The IBD 50s struggles were part of an underwhelming day for growth stocks in general. The iShares Russell 1000 Growth ETF (IWF) rose 0.6% while iShares Russell 1000 Value ETF (IWD) rallied 1.3%.

Major stocks such as Microsoft (MSFT), Amazon.com (AMZN) and Facebook (FB) were quiet. That's why Invesco QQQ Trust (QQQ), an ETF that tracks the Nasdaq 100 index, rose 0.4%, or about half as much as the Nasdaq composite.

Advancing stocks led decliners by 10-3 on the NYSE and by 14-5 on the Nasdaq.

While Friday's breakouts of Rambus (RMBS) and Novocure (NVCR) were solid, a well-known apparel stock also broke out.

Skechers USA (SKX) rose above the 36.22 buy point of a cup-with-handle base. Volume was about one-third larger than average. In a year in which the footwear stock has struggled, Friday's breakout offers new hope for better gains. The relative strength line has not caught up with the stock price, which is a weak spot for the breakout.

Juan Carlos Arancibia is the Markets Editor of IBD and oversees our market coverage. Follow him at @IBD_jarancibia

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