Stocks Rise to Intraday Highs as Tech and Earnings Boost Market

Strategic Insights -

Stocks saw a boost in trading on Tuesday, with the Dow Jones industrial average leading the pack with a 0.8% gain. The Nasdaq and S&P 500 also saw significant increases, at 0.7% and 0.6% respectively. The gains were driven by several key stocks, including Visa, Chevron, and Exxon Mobil, which all saw significant increases, with the latter two rising over 2% each. Additionally, Microsoft and Apple advanced nearly 2% apiece, with Apple regaining its 200-day moving average for the first time in three months.

Key Takeaways:

  • The Dow Jones industrial average led the pack with a 0.8% gain on Tuesday, followed closely by the Nasdaq and S&P 500.
  • Visa, Chevron, and Exxon Mobil were among the top performers, with each stock rising over 2% and contributing to the overall market gains.
  • Microsoft and Apple saw significant advances, with Apple regaining its 200-day moving average for the first time in three months.
  • American Eagle Outfitters made a major move, gapping up 8% and regaining its 50-day and 200-day lines in heavy trade.
  • The teen apparel retailer raised its Q3 earnings guidance and acquired Tailgate Clothing for $11 million in cash and stock.
  • L Brands gapped up and rose 4%, extending past a 93.51 cup-with-handle buy point cleared on October 5.
  • Activision Blizzard swung from a 6% loss to a 5% gain, reaching a record high in fast turnover, and announced plans to buy King Digital Entertainment for $5.9 billion.
  • Dycom Industries leapt 4% to a new high, breaking out past an 80.95 buy point in hefty volume, as the digital infrastructure provider benefits from a major upgrade cycle in the telecom market.

Statistics:

  • The Dow Jones industrial average rose 0.8% on Tuesday.
  • The Nasdaq and S&P 500 gained 0.7% and 0.6%, respectively.
  • Visa, Chevron, and Exxon Mobil increased by over 2% each.
  • Microsoft and Apple advanced nearly 2% apiece.
  • American Eagle Outfitters gapped up 8% and regained its 50-day and 200-day lines.
  • L Brands extended past a 93.51 cup-with-handle buy point cleared on October 5.
  • Activision Blizzard reached a record high in fast turnover.
  • King Digital Entertainment shares spiked 15%.
  • Dycom Industries broke out past an 80.95 buy point in hefty volume.

Sources:

  • Investor's Business Daily, "Stocks Rise to Intraday Highs as Tech and Earnings Boost Market," October 6, 2015.
  • Bloomberg, "Dow Jones Industrial Average," October 6, 2015.
  • TheStreet, "Visa, Chevron, and Exxon Mobil Lead Dow Higher," October 6, 2015.