Blue chips led the stock market midday Tuesday, while the major indexes were little changed. The Federal Reserve began a two-day meeting that is expected to conclude with a quarter-point rate hike.
[ibd-display-video id=3017216 width=50 float=left autostart=true] The Dow Jones industrial average advanced 0.5%. The Nasdaq inched up 0.1%, and the S&P 500 added 0.3%. The small-cap Russell 2000 crept 0.3% higher.
Volume in the stock market today was up on both major exchanges. The previous two sessions featured declining volume, providing an easy comparison. Traders showed caution as they waited for Wednesday's conclusion of the Fed's meeting.
CME Group's FedWatch Tool puts the odds of a quarter-point rate increase at 87.6%. The odds of a half-point rate increase are pegged at 12.4%.
In the IBD 50 , stocks moving in fast trade were mostly losing ground. Chip designer Nvidia ( NVDA ) retreated 1%. China Lodging ( HTHT ) lost 1%. Online marketplace operator Alibaba ( BABA ) dipped about 1.5%. All three stocks are struggling to retake their 50-day moving averages .
Dow Mostly Up
Blue chips were mostly up. In the 30-component Dow Jones industrial average, Boeing ( BA ) and Goldman Sachs ( GS ) rose 3% and 1%, respectively. The two stocks, which trade above 250 per share, boosted the price-weighted Dow.
Goldman Sachs is in its 5% buy zone. The stock cleared a 247.17 buy point Nov. 30 in strong volume.
Boeing gapped up at the open. The stock's gain came in volume 300% above average. Boeing announced it would raise its dividend from $1.42 to $1.71 a share. On an annualized basis that would currently represent a yield of 2.3%. Boeing also increased its stock buyback program.
Boeing is extended about 18% from its September breakout over a 246.59 buy point.
Among IBD's 197 industry groups, oil-related stocks were doing well. Gold miners were among the day's weakest stocks.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
