Stocks held small gains in afternoon trading Monday as the Dow Jones industrial average led the market thanks to strength in some financials.
[ibd-display-video id=2368128 width=50 float=left autostart=true]The Dow was up 0.3% with JPMorgan Chase ( JPM ), Travelers ( TRV ) and Goldman Sachs ( GS ) climbing 1.4% to 2%.
But American Express ( AXP ) was down about 1% after the U.S. Supreme Court agreed to hear a case where 11 states have accused American Express of barring businesses from providing incentives to make purchases with rival credit cards that charge lower merchant fees. American Express reports earnings Wednesday.
The Nasdaq composite and S&P 500 tried to hold gains of just 0.1% after an early advance faded. The small-cap Russell 2000 fell 0.1%. Its recent rally has stalled as it holds just above the 1,500 level.
The relative weakness in the Nasdaq reflected on the market breadth: Nasdaq decliners led advancers by 9-to-7 but were nearly even on the NYSE.
Volume was tracking lower compared with the same time Friday.
There was no clear leadership in the market today , with an odd combination of consumer, financial, utility and energy industry groups among the top 25 best performers.
Adobe Systems ( ADBE ), the 25th largest Nasdaq component by index weighting, fell 2% to its 50-day moving average in heavy volume. A Deutsche Bank analyst downgraded Adobe to hold from buy, but kept the price target at 16, saying the company’s fast growth is due to hit a normalization phase. Adobe’s EPS jumped 42% to 47% the past four quarters.
The Dow transports lagged badly, off 0.9%. The trucking industry group was one of Monday’s weakest. JB Hunt (JBHT) continued to drop after sliding 4% Friday. The trucking company missed profit expectations as it cited higher labor costs and hurricane woes.
Airline, logistics and airfreight groups also were lagging.
Among breakouts, there were no stellar moves or stellar stocks.
Lannett (LCI) tried to break out of a double bottom base. The generic-drug company topped the 23.85 buy point but sank back into the pattern. Volume was running about triple the stock’s average. The stock is bottoming out from a severe 2-1/2-year correction and the Composite Rating is weak.
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