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Nasdaq Today Leads Stock Market Thanks To This One Sector; Watch These 2 ETFs

DATE POSTED:March 15, 2019

The Nasdaq today led the stock market higher thanks to a rally in technology shares, particularly semiconductors.

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The Nasdaq composite jumped 1% to its highest price since Oct. 9. The S&P 500 climbed 0.7%, rising to an Oct. 10 high.

Broadcom (AVGO) sparked the rally in chip stocks after the company reported mixed quarterly results. Earnings breezed past expectations, but sales were below views. Broadcom shares gapped past the 286.73 buy point of a long base in intense trading.

Semiconductor ETFs reflected the strength in chips. The iShares PHLX Semiconductor ETF (SOXX), which tracks the Philadelphia semiconductor index, surged more than 3%. The ETF topped the 189.33 buy point of a cup-with-handle base, leaving shares in a buy area.

VanEck Vector Semiconductor (SMH), another widely held chip ETF, also broke out. Shares cleared a 106.37 buy point.

Few other technology industry groups were in today's top 50, meaning that the chip sector was shouldering the gains for techs and for the Nasdaq. Biotechs, up nearly 1% as a group, also gave the Nasdaq a boost.

Volume was sharply higher on the NYSE and Nasdaq amid "quadruple witching," the expiration of futures and options contracts.

Boeing Shares Bounce

The Dow Jones Industrial Average rose 0.8% as beaten-up shares of Boeing (BA) rebounded 2.4% in heavy volume. A global grounding of the company's 737 Max jetliners this week has hammered shares, which remain below the 50-day moving average.

Dow component Microsoft (MSFT) rose 2% to a new high as it extends gains from a pullback to the 10-week moving average.

Small caps have been lagging but held up well today, with the Russell 2000 up 0.9%.

Penumbra (PEN), the IBD Stock of the Day on Tuesday, rose past the 155.87 buy point of a cup with handle. The handle is unusually deep, which is a drawback. But volume was well above average for the manufacturer of medical devices.

Radware (RDWR) broke out of a saucer-with-handle base, topping the 25.90 buy point in heavy trading. The relative strength line is not quite at new highs. Radware is thinly traded, moving about 210,000 shares daily.

The Innovator IBD 50 ETF (FFTY) added 0.9%. Ulta Beauty (ULTA) led the IBD 50 with a 9% leap after the retailer beat profit expectations late Thursday. The stock gapped to a new high and was rising from support at the 10-week moving average.

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The post Nasdaq Today Leads Stock Market Thanks To This One Sector; Watch These 2 ETFs appeared first on Investor's Business Daily.