Stock Market Today – Investor's Business Daily

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The major market averages moved  higher Wednesday after Tuesday’s brutal tech sell-off. The tech-heavy Nasdaq, which briefly erased gains, powered higher with a 0.9% rise after Tuesday’s sharp sell-off. Meanwhile, the S&P 500 index gained 0.8% and the Dow Jones industrial average rose 0.6%, led once again by financials.

Among the Dow industrials, financial components Goldman Sachs (GS) and JPMorgan (JPM) rose nearly 1%. Goldman saw its price target hiked to 240 from 230 at Credit Suisse. JPMorgan briefly moved above a choppy double-bottom base with a 89.23 buy point. Heavy machinery company Caterpillar (CAT) moved up 1.3%.

On the downside, Microsoft (MSFT) rose 0.4%, trading back above its 50-day line after undercutting that support on Tuesday.

Within the S&P 500, financials were having a strong showing early Wednesday. Life insurer Prudential Financial (PRU) and Bank of America (BAC) both advanced more than 2%. Both stocks are consolidating above their 50-day moving average lines.

Microchip Technology (MCHP) and Lam Research (LRCX), which broke through their key support levels Tuesday, initially fell but rebounded to rise modestly.

Leading brokerage firm Charles Schwab (SCHW) jumped 0.7% to 42.91, building upon yesterday’s breakout attempt above a 42.71 cup-with-handle entry.

Among analyst actions in the stock market todayNvidia (NVDA) rose nearly 3% after Mizuho raised its price target to 170 from 145. The graphics chip maker has been consolidating sideways since a nasty reversal three weeks ago.

Meanwhile, online travel site Expedia (EXPE) was upgraded to buy from hold at Citi. Shares traded 1.1% higher, and remains extended from its 132.27 cup-with-handle buy point.

Among companies reporting earnings, KB Home (KBH) showed solid results late Tuesday, causing shares to climb 3.2% in early trading. The homebuilders have been steadily rising over the past several months, buoyed by mostly positive earnings results. KB Home reported better-than-expected Q2 earnings and sales results. CEO Jeffrey Mezger said, “The housing market recovery continues on a steady path, supported by favorable industry fundamentals.”

Shares are well extended from a 17.48 flat-base entry.

Within the IBD 50, RV-maker Winnebago Industries (WGO) rallied over 3%, while regional bank East West Bancorp (EWBC) moved up 2%. Winnebago is building a cup-shaped base, while the East West is moving back above a 57.34 flat-base entry.

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