The Nasdaq composite knocked it out of the park and closed at all-time highs Friday afternoon, breaking a 27-month-old record, as major indexes rallied in the stock market today.
The Nasdaq ended the day up 1.1%, to close at 16,274.94, making it a second straight day of record high closes.
The tech-heavy composite is the last of the major indexes to reach a new peak during the current uptrend, following the lead of the Dow Jones Industrial Average and the benchmark S&P 500.
Meanwhile, the Dow ticked 0.2% higher, while the S&P 500 also strengthened and rose 0.8%, also setting a record closing high. The small-cap Russell 2000 bumped up nearly 1.1% to the highest level since April 2022.
The Dow, which hit its all-time high on Feb. 23, and the S&P 500 have had their best starts of the year since 2019. The Dow has gained 3.5% year-to-date and the S&P was up 6.8% through Thursday's close, according to Dow Jones Market Data.
Volume rose on the New York Stock Exchange and fell on the Nasdaq compared with the same time on Thursday, in preliminary numbers.
The Invesco QQQ Trust exchange traded fund climbed 1.5%. The Innovator IBD 50 ETF proved stronger than the major indexes and rose nearly 1.8%, on the stock market today.
The 10-year Treasury yield shed 7 basis points to 4.18%.
Stock Market Today: Spirit AeroSystems Soars On Buyout News
Spirit AeroSystems, a supplier of Boeing's 737 Max fuselages, rocketed 15.3% in heavy volume, on news that Boeing is in discussions to buy the company, The Wall Street Journal reported. Spirit stock broke out of a cup-with-handle base with a 30.81 buy point and is above the 5% buy zone that reaches to 32.35.
Dow Jones component Boeing eased 1.8% and was trading below its 50-day and 200-day moving averages.
Commvault Systems climbed nearly 2% and topped a 96.12 entry from a bullish four-weeks-tight pattern. The buy zone goes up to 99.
Marvell Technology soared 8.3% and broke out of a flat base with a 73.53 buy point. The stock closed atop a buy zone that reaches to 77.21. The move came after Oppenheimer reiterated its outperform rating and lifted its price target on the stock to 80 from 70. Marvell reports its fiscal fourth-quarter results on March 7.
Veeva Systems fell nearly 1.6% on a volatile day, after the company topped fiscal fourth-quarter profit and sales estimates. Shares of the marketing software firm topped the 225.49 buy point of a cuplike base before retreating. Veeva stock closed below the buy point.
Brazilian aircraft maker Embraer popped 7% and broke out of a cup base with a 20.13 buy point in heavy volume. Shares are in a buy zone that stretches to 21.14 on the stock market today.
Stock Market Movers: Earnings Action
IBD 50 stock Zscaler gapped down 9.4% even after its fiscal second-quarter earnings and sales topped estimates. It also gave a current-quarter and a fiscal 2024 revenue outlook that was slightly above analyst views, but that didn't satisfy investors. The cybersecurity stock fell below its 50-day line in heavy volume, after a couple of Wall Street brokerages cut their price targets.
Dell catapulted 31.2% Friday in huge volume, after the computer and server maker beat its fourth-quarter profit and revenue expectations and increased its dividend. Shares reached an all-time high on the stock market today.
But Elastic tumbled about 12.6% after the data software company reported fiscal third-quarter earnings and sales that exceeded expectations. It also gave a current-quarter sales outlook that was above analyst projections, but the stock fell anyway. Shares plunged below the 50-day line, flashing a sell signal.
Autodesk gave back most of the day's gains and closed with a 2.5% gain in heavy trading. The volatile action came after the company's higher-than-expected profit and revenue for the fourth quarter. It also gave a full-year 2024 revenue outlook that topped views, but its 2024 adjusted earnings forecast slightly lagged Wall Street's predictions.
Other Stock Shakers: Insurance Stock Breaks Out
NetApp soared 18.2% after beating fiscal third-quarter earnings and sales views. Shares broke out of a flat base with a 91.78 entry. But a new buy point of 109.55, based on the high of the first five-minute bar, is more appropriate because the stock gapped up past its conventional entry. A new buy range reaches to 115.03.
NetApp shares reached a 52-week high and produced a power-from-pivot flag, according to MarketSmith pattern recognition. The flag appears after a stock has advanced at least 20% from a buy point in 15 trading days, or three weeks.
Further, its relative strength line reached a new high, as shown by the blue dot on the MarketSmith chart. The stock was the biggest gainer on the S&P 500 and is on pace for its largest daily percentage increase since Aug. 14, 2002, when it jumped 27.7%, according to Dow Jones Market Data.
Fidelis Insurance went a similar path as NetApp, as it jumped and broke out of a cup base with a 15.30 buy point. Now, a gap-up buy point of 18.61 is more fitting.
The stock has since retreated below the new buy point but the new entry remains valid. The specialty insurance provider smashed its fourth-quarter earnings and revenue estimates. Fidelis had its initial public offering on June 29 at a price of 14 per share.
Sweetgreen launched 28.4% higher after the healthy fast-food restaurant reported a smaller-than-expected loss and higher sales for the fourth quarter in the stock market today.
Futures: Eight Leaders Offer Second Chance; What To Do Now
Other Stock Action Today: Bank Stock Tanks
New York Community Bancorp tumbled after the company on Thursday reported that it found "material weaknesses" in its internal controls and immediately replaced its chief executive. This drop is on top of the 37.7% sell-off on Jan. 31, following the regional bank's fourth-quarter surprise loss and credit concerns.
Tidewater broke out of a late-stage irregular base and passed a 77.53 buy point after a mixed fourth-quarter earnings report. Shares are in a buy zone that reaches to 81.41.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
