U.S. stock indexes pushed higher midday Thursday, as Tesla helped the automaker group to a strong daily gain.
X The Dow Jones industrial average jumped 1.3%, while the S&P 500 and the Nasdaq advanced 1% and 0.8% respectively. The small-cap Russell 2000 added 0.9%.
At least nine of the 30 components within the Dow Jones industrials rose 2 points or more.
Volume in the stock market today was running higher on both major exchanges vs. the previous session.
Electric-car maker Tesla (TSLA) swaggered 3.5% higher in heavy volume. The big-cap stock retook its 200-day moving average line. Automotive News reported that, for the first time in Europe, Tesla’s Model S outsold high-end European brands.
Tesla lost $8.66 a share in 2017, but that didn’t stop the stock’s advance. The stock jumped 46% last year and is up 11% so far this year.
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Meanwhile, medical software developer Mindbody (MB) surged 10% as it cleared a 36.35 buy point in a consolidation.
Other breakouts Thursday included: educator Grand Canyon Education (LOPE), up 9%; prepaid debit-card provider Green Dot (GDOT), up 10%; and customer contact software provider Five9 (FIVN), up 11%. The three stocks each have a Composite Rating of 92 or better.
The Composite Rating combines all five IBD ratings into a single number. A rating of 90 means the stock is rated in the top 10% of all the stocks in IBD’s database.
First-time jobless claims checked in at 222,000, near a 45-year low. The results undercut the consensus view of 230,000 as well as the lowest estimate in the range (227,000). Also, the prior week’s reading of 230,000 was revised downward to 229,000. Overall, the data pointed to strength in the U.S. economy.
Leading indicators for January jumped 1%, beating the consensus view for 0.6% and topping the highest estimate in the range (0.9%).
The Kansas City Fed’s manufacturing gauge also topped expectations. The gauge for February came in at 17 vs. expectations for 16.5. Readings above zero indicate growth while readings below zero point to contraction.
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