The Dow Jones Industrial Average rallied moderately initially in the stock market today amid news that initial jobless claims in the U.S. appear to be flattening. But indexes then wobbled at around 10:45 a.m. ET on headlines that centered on negotiations between Britain and the EU over how to handle cross-border trade.
The S&P 500 forfeited an early 0.6% gain to go slightly negative, but then rebounded almost 0.2%.
The panel on Thursday’s IBD Live show wondered aloud whether the Brexit headlines triggered some algorithmic-related selling.
Top growth stocks outperformed, though. The Nasdaq led the major indexes, even as the composite index at one point jumped 1.4% before fading that gain to around 0.6%.
The Nasdaq 100-tracking Invesco QQQ Trust (QQQ) gained almost 0.6%, outdistancing a 0.2% rise by the Russell 2000.
On Leaderboard, at least six stocks gained 1% or more at around 11:15 a.m. ET, outperforming a 0.1% edge higher by the 30-stock Dow industrials.
Volume is running slightly higher vs. the same time Wednesday on the Nasdaq and 6% lower on the NYSE.
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Meanwhile, Nike (NKE), a Dow Jones component and a half position on Leaderboard, at one point sped nearly 3% higher amid a Wedbush analyst price target hike to 127 from 107. Gains faded, yet the stock continues to stay in the black, up around 1%.
That sudden increase in volume indicated that the elephants of the market — namely mutual funds, college endowments, insurers, state pension funds and hedge funds — actively scooped up shares.
Now, trading as high as 118.23, the gain from the proper entry has