Dow Record High As These Two Leading Stocks Break Out – Investor's Business Daily

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The major market indexes were mixed early Friday as they looked to wrap up a week of solid gains. The Commerce Department showed an unexpected decline in August retail sales, indicating that Americans cut back back on their summer spending, and industrial production also posted an unexpected decline for the month.

XAutoplay: On | Off The tech-heavy Nasdaq edged slightly higher, looking to finish the week with greater-than-1% gains. Meanwhile, the S&P 500 inched slightly lower, and the Dow Jones industrial average rose 0.1% to another record high.

Among the Dow industrials, Boeing (BA) advanced 0.6% as the airplane maker moved above a 246.59 flat-base entry. The stock’s relative strength line reached a new high, indicating substantial market outperformance.

Meanwhile, Apple (AAPL) moved up 1.1% in the stock market today, looking to snap a three-day losing streak. Shares have held above a 156.75 flat-base entry, despite weakness following its iPhone X debut.

On the downside, Microsoft (MSFT) declined 0.9%, as it ebbs back below a 74.52 flat-base entry.

Among leading stocksNvidia (NVDA) advanced over 4% after an Evercore ISI analyst lifted its price target from 180 to 250 — an over-47% premium to Thursday’s closing price. Shares of the graphics-chip maker were breaking out above a 174.66 flat-base entry. Volume was tracking well-above average.

Meanwhile, Square (SQ) gave up 1.3% after Thursday’s strong breakout above a 28.07 cup-shaped base entry. The payment processor continued to hold up above the buy point.

Among other recent breakouts, Tesla (TSLA) inched 0.2% lower, but is still holding above a 370.10 cup-with-handle buy point after Thursday’s breakout.

Late Thursday, software giant Oracle (ORCL) reported strong fiscal-Q1 earnings and sales results, but its current quarter’s guidance was light. Shares — which had been in a buy zone from a 51.95 flat-base entry — declined over 6% to fall back under its buy point and their 50-day line.

Within the IBD 50, Skyworks Solutions (SWKS) looked to recapture a 108.66 cup-with-handle entry, rising over 1%.

On the downside, Nutrisystem (NTRI) fell over 6%, approaching its 200-day line. Shares have had difficulty moving higher after an earnings release on July 26. Shares plunged 12% the following day.


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