The major stock market indexes were strong for the second day in a row on Tuesday, relatively unchanged in afternoon trading, but off the lows of the day. The Dow Jones Industrial Average held onto its 700 point gain.
The Nasdaq composite rose 3.3% while the S&P 500 added 2.9%. The Dow Jones gained 2.6%. The Russell 2000 small-cap index led the rally, up 3.7%.
The stock market's morning rally is pushing rates in the opposite direction, dropping the 10-year Treasury note yield to 3.59%.
Economic News: Job Openings Lower Than Expected
Volume on the NYSE and the Nasdaq was higher versus the same time on Monday.
The Nasdaq 100-tracking Invesco QQQ Trust was up 3.2%.
European markets rose, with the German DAX stock index up 3.8%, Paris CAC 40 4.2% and London FTSE 100 2.6% in afternoon trading.
Crude oil surged 3.7% to $86.75 per barrel. The SPDR Select Energy ETF (XLE) gained 3.6%.
Bitcoin notched a 3.3% gain to $20,160.
August factory orders were unchanged versus the 0.2% consensus, showing a slowdown. Factory orders represent the dollar level of new orders for both durable and nondurable goods.
The August Job Openings and Labor Turnover Survey (JOLTS) reported 10.05 million openings versus the 11.15 million consensus, indicating that employers are seeking fewer workers in this high-inflation environment. The data also showed a sharp decline from July's 11.24 million.
Stock Market Gainers Breaking Out
Oil and natural gas royalty company Black Stone Minerals popped 3.7% and broke out of a cup-with-handle base after hitting its 16.70 buy point on the MarketSmith chart. Shares are trading in the 5% buy zone. The company has a high 97 Composite Rating, of 99, but a low 42 EPS Rating due to a loss in its March-ended quarter. Analysts are projecting an 82% annual EPS growth rate in 2022 and 61% in 2023.
Infrastructure and agricultural products company Valmont Industries added 0.7% and broke out of a flat base, after hitting the 309.08 buy point. The relative strength line hit a new high on the weekly chart. Valmont holds a best-possible 99 Composite Rating and a respectable 90 EPS Rating. Quarterly sales growth ranged from 21% to 27% in the last three quarters.
Neurocrine Biosciences rose 3.8%, breaking out of a flat base with a buy point of 109.36, and is in the 5% buy zone. The relative strength line is at a new high on the weekly chart. The company specializes in treatments for neurological and endocrine-related diseases and disorders.
Lighting products company Acuity Brands surged 5.9% after reporting a beat on fiscal Q4 2022 EPS and sales.
"We had strong demand across our end markets, and we demonstrated our ability to capture price and drive volume through product vitality and service in both our lighting and spaces businesses throughout this fiscal year," said Chairman and Chief Executive Neil Ashe. The company holds an 87 EPS Rating and an 82 Composite Rating.
AYI stock is finding support at its 21-day exponential moving average on the MarketSmith chart.
Dexcom gapped up 7% on news that its G7 Continuous Glucose Monitoring (CGM) System is now available in four European countries, for people with diabetes aged two years and older. The move pushed shares above the 50-day moving average.
Domino's Pizza gained 4.7% after UBS upgraded the stock to buy from neutral and lowered the price target to 385. DPZ stock is finding resistance at its 21-day line.
Stocks Jump Again On Fed Hopes; TWTR Spikes As Elon Musk Gives In
IBD 50 Stocks To Watch: Health Care Staffing Firm Gains
The Innovator IBD 50 ETF added 3.2%, slightly stronger than the major indexes.
Chinese e-commerce company Pinduoduo gained 7.1% as consumer discretionary stocks pulled ahead.
Cross Country Healthcare added another 6.7% in heavy volume on top of yesterday's 12.1% gain. The health care staffing company announced Monday it closed its acquisition of Mint Medical Physician Staffing and Lotus Medical Staffing.
Cloud computing and AI company Super Micro Computer added 5.5% in Tuesday's stock market, breaking through its 21-day line. Shares are in the 5% buy zone of a consolidating base with a 58.44 buy point. It holds 98 Composite and EPS Ratings.
Murphy USA rallied 1% after JPMorgan Chase raised its price target on the gas station/minimart company to 246. Murphy holds the top spot in the Retail-Super/Mini-Markets group, and the group is a strong No. 18 On the IBD list of 197 industry groups.
MUSA stock is in a flat base with a buy point of 303.19. Its relative strength line hit a new high, as indicated by the blue dot. The company has a best-possible 99 Composite rating and a 98 EPS Rating.
Clean energy company Array Technologies rose 3.6% and broke through its 21-day exponential moving average. The stock has a 98 Relative Strength Rating, meaning it outperformed 98% of the stocks in the IBD database.
BJ's Wholesale Club was up unchanged, as it lagged others in the IBD 50 group.
