The stock market closed higher Tuesday, with the Nasdaq composite at an all-time high and global brands Ferrari ( RACE ) and Sony ( SNE ) breaking out past buy points.
[ibd-display-video id=2469617 width=50 float=left autostart=true]The Nasdaq climbed 0.4% as telecom, software and semiconductor stocks performed relatively well. Intel ( INTC ) rose to a new high in huge volume.
The S&P 500 and the Dow Jones industrial average edged up 0.1%. The Russell 2000 led with a 1% increase at the close, giving small caps a badly needed day of outperformance. The index had been lagging for a few weeks.
Volume was lower than Monday's levels, according to early figures. Indicators of investor fear remained low on this Halloween session. The CBOE volatility index and the put-call volume ratio are well below levels that would indicate a fearful market.
Transportation stocks were weaker, with airline, rail and logistics industry groups falling 0.5% to 0.8%.
Several top-rated stocks broke out of bases, including two of the world's most recognized brands.
Ferrari topped the 117.92 buy point of a cup-with-handle base in hefty volume. The sports-car manufacturer reports quarterly earnings Wednesday.
Ferrari's rally helped the automakers industry group become one of Tuesday's best. Also in the same group, Tesla ( TSLA ) found support at the 200-day moving average after swooning for the past six weeks.
Sony gapped out of a flat base, roaring past the 41.75 buy point in heavy volume. The Japan-based electronics and entertainment company beat profit expectations for the September-ended quarter and raised its full-year outlook. The company saw strong demand for PlayStation 4 gaming consoles, and a restructuring program is bearing fruit.
Among other breakouts Tuesday, Workday ( WDAY ) broke out of a cup with handle, but volume was not quite average. Monster Beverage (MSNT) cleared a flat base, sailing past a 57.35 buy point. But volume was mediocre.
The No. 1-ranked homebuilding industry group got a boost after William Lyon Homes (WLH) broke out of a cup-without-handle base in big volume. The builder today reported Q3 earnings of 71 cents a share, more than double from a year ago. Sales rose 43% to $490.3 million. New-home orders rose 19%, and the average sales price of new homes delivered grew 13% to $576,200.
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