The stock market held strong gains late Friday as all three major stock indexes looked poised for record closing highs.
Stocks were in a cheery mood after Bloomberg reported that the GOP tax bill will meet Sen. Marco Rubio's child credit demand.
[ibd-display-video id=3025730 width=50 float=left autostart=true] The Russell 2000 and Nasdaq composite led the way, up 1.8% and 1.2% respectively. The S&P 500 added 1% and the Dow Jones industrial average picked up 0.7%. Volume on the NYSE and Nasdaq was tracking quite a bit higher than Thursday's levels, but volume was skewed by options expirations.
In the stock market today , Adobe Systems ( ADBE ) gained nearly 2% on strong earnings. Several analysts raised their price targets on Adobe after the company gave an upbeat outlook for fiscal 2018. Adobe continues to find support at the 50-day moving average for the first time after a recent breakout.
In the retail space, Costco ( COST ) continued higher on solid quarterly results. Shares jumped nearly 4% to 193.21. Headed into earnings, Costco was extended from a 173.19 cup-with-handle entry. The company reported its second straight quarter of double-digit sale growth after several quarters in a row of single-digit growth.
In the financial space, Wintrust Financial ( WTFC ) found support at the 50-day line in solid volume after a recent breakout over a 79.72 buy point. Shares rose 4% to 83.72.
In the aerospace/defense group, Mercury Systems ( MRCY ) reclaimed the 50-day line as it works on a flat base with a 54.59 buy point. Shares rose 6% to 53.45.
On the downside, railroad operator CSX Corp . ( CSX ) dived 7.5% to 52.93 on news CEO Hunter Harrison is taking a medical leave after complications from a recent illness.
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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.
