Stocks were higher and trading near the day’s best levels in afternoon trading Tuesday, with Dow Jones industrial average components leading the market.
The Dow industrials sprinted to a 1.1% gain. The Nasdaq and the S&P 500 rose 1% in the stock market today. Volume was tracking higher on the Nasdaq and lower on the NYSE compared to the same time Monday.
Big-cap Dow components flexed their muscle, with 28 of the 30 stocks trading higher, including Home Depot (HD), Boeing (BA) and Goldman Sachs (GS). Meanwhile, e-commerce giant Amazon.com (AMZN) hit a new high.
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Boeing was the Dow’s best performer with a 2% climb ahead of its investor’s day conference slated for Wednesday, which is expected to focus on the 787 Dreamliner.
Goldman Sachs also gave the Dow a boost with a 2% increase. Goldman is coming off a long decline. Exxon Mobil (XOM) was up 1% to 89.50 and nearing a 52-week high, with possible resistance at 90. The price of a barrel of West Texas Intermediate crude rose 2%.
Home Depot, another blue-chip stock, hit a new high with a gain of less than 1%.
Amazon.com (AMZN) gapped up and touched a new high with a nearly 3% gain. The company unveiled Amazon Video Direct, a platform that competes directly with Alphabet‘s (GOOGL) YouTube. It also got a $1,000 price target.
LGI Homes (LGIH) was the worst performer on the IBD 50, down 6% after reporting Q1 earnings and sales. Earnings beat with an EPS of 57 cents vs. estimates of 52 cents, but LGI Homes revenue fell short at $162.5 million compared to estimates of $167.6 million.
LGI’s stock tried to break out of a cup-with-handle base with a 29.87 buy point. It briefly hit the buy point in good volume Monday afternoon as investors anticipated results better than they were. But shares fell as much as 14% below the entry.