Stocks Rise Amid Strong Earnings Reports

Strategic Insights -

The US stock market saw a significant surge in afternoon trade on Friday, led by blue chip companies. The Dow Jones industrial average jumped 2.3%, with all 30 issues rising. IBM, Caterpillar, and United Technologies were among the big gainers, while Walt Disney posted strong gains after beating earnings expectations the previous day. The Nasdaq and S&P 500 also rose 2.2% and 2.1%, respectively. Several stocks, including Chicago Bridge & Iron, Fusion-io, and Questcor Pharmaceuticals, showed significant gains, while Nordstorm trimmed a 4% loss to a 1% deficit.

Key Takeaways:

  • The Dow Jones industrial average climbed 2.3% in afternoon trade on Friday, led by blue chip companies.
  • All 30 issues in the Dow Jones industrial average rose, with IBM, Caterpillar, and United Technologies being some of the biggest gainers.
  • Walt Disney ([STOCK[DIS]]) posted strong gains after beating earnings expectations the previous day.
  • Chicago Bridge & Iron ([STOCK[CBI]]) rallied 5% in fast trade and cleared a 39.37 buy point from a first-stage cup-with-handle base.
  • Fusion-io ([STOCK[FIO]]) climbed 4% in brisk volume as it bounced back from a recent failed breakout.
  • Questcor Pharmaceuticals ([STOCK[QCOR]]) climbed 4% to an all-time high, putting it 36% past a 31.51 buy point from a double-bottom base.
  • Nordstorm ([STOCK[JWN]]) trimmed a 4% loss to a 1% deficit after climbing back above its 50-day moving average.

Statistics:

  • The Dow Jones industrial average rose 2.3% in afternoon trade on Friday.
  • All 30 issues in the Dow Jones industrial average rose on Friday.
  • Walt Disney recovered from a previous day's earnings beat, posting gains of over 100%.
  • Chicago Bridge & Iron rallied 5% in fast trade, exceeding its average daily turnover of 1.3 million shares.
  • Fusion-io bounced back from a failed breakout, gaining 4% in brisk volume.
  • Questcor Pharmaceuticals jumped 4% to an all-time high, with a 36% gain past its double-bottom base buy point.
  • Nordstorm trimmed a 4% loss to a 1% deficit after rising above its 50-day moving average.

Sources:

  • Investor's Business Daily, Inc.
  • Thompson Reuters