After taking a break the past two days, this month's rally returned on Thursday with another triple-digit jump for the Dow.
The major indices didn't finish at their highs, but a very sharp and very late surge gave them momentum into the close.
The NASDAQ was again the best performer on a percentage basis by climbing 0.57% to 7837.13.
The S&P is now less than 10 points away from 2900 by advancing 0.41% to 2891.64. If the index can get there, it would be less than 50 points away from its all-time high.
The Dow ended yesterday's session clinging to 26,000, but today's gain of nearly 102 points gives it a little breathing room. The index climbed 0.39% to 26,106.77.
Last week was the market's best of the year so far, but then it slipped on Tuesday and Wednesday after a 6-day winning streak for the Dow and 5-day runs for both of its counterparts.
However, the losses these past two days have been minor, so the major indices have hung onto all of last week's rally heading into Friday's session!
The big news today was the attacks on a pair of tanker ships in the Gulf of Oman, which the White House blamed on Iran. Oil rose more than 2% on the news, which pales in comparison to the surge we would have seen before the U.S. became such a big oil producer.
Stocks are also higher for the week, leaving the indices a good chance for back-to-back weekly gains after losing ground all through May. That would be a welcomed result given the slow summer volume and the big question marks remaining on trade and rates. Today's Portfolio Highlights: Home Run Investor:
If you've ever thought about replacing your windows and/or doors with something more appealing or energy efficient, then a lower-rate environment like this one is a good time to do so. That's why Brian added Quanex Building Products (NX) on Thursday. The company has solid earnings momentum (beating in three of the last four reports) and a good valuation. Plus, NX helps to diversify this traditionally tech heavy portfolio. The editor thinks this stock will reach its $19 price target before the end of the summer. See the complete commentary for more. Surprise Trader:
The Defense Equipment space is in the Top 16% of the Zacks Industry Rank… and one of the big names is reporting next week. American Outdoor Brands (AOBC) is coming to the plate after the bell on Wednesday. Of course, you could say this stock was a bigger name when it was called Smith & Wesson. Whatever the company calls itself, it has a solid Earnings ESP of 9% for that upcoming report. Dave added AOBC on Thursday with a 12.5% allocation. See the full write-up for more. Counterstrike:
It wasn't that long ago when Xilinx (XLNX) was a 'darling' of Wall Street, but those days are over. Shares got crushed after this programmable devices developer announced disappointing results in its most recen t earnings
report. Jeremy has been looking for an addition amid this June rally and believes that XLNX's technical setup makes it a good candidate. He added the stock on Thursday with a 9% allocation. Read the full write-up for more.
All the Best,
Jim Giaquinto Recommendations from Zacks' Private Portfolios:
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