Small caps led a charge in the stock market Thursday, as a broad rally sent the major indexes to record highs.
[ibd-display-video id=3076727 width=50 float=left autostart=true] The Russell 2000 leaped 1.5% to a new high as it starts to catch up with the new-year rallies in the Nasdaq composite and S&P 500.
The Dow Jones industrial average and S&P 500 added 0.5% while the Nasdaq rose 0.6%. Chevron ( CVX ) and Boeing ( BA ) helped propel the Dow with gains in heavy volume of 2.8% and 1.8%.
Comcast ( CMCSA ), the eighth-largest Nasdaq stock, cleared an irregular six-month pattern as shares of the cable television giant leaped more than 3%. The Nasdaq and S&P 500 made record highs for the seventh time in the past eight days.
Breadth was far more bullish than the indexes would suggest. Advancers led decliners by about 3-to-1 across the board. Volume was tracking higher on the NYSE and lower on the Nasdaq compared with the same time Wednesday.
The retail and energy sectors led the way. The price of U.S. crude rose $1.03 to $64.60 a barrel, a three-year high.
Kohl’s ( KSS ), part of the department store industry that had been written off last year amid heavy online competition, topped the prior high made in December 2016. It’s now at the highest level since August 2015. The company plans to lease space left vacant from its store-shrinking to grocery stores, convenience stores and other retailers, reports said.
Solar energy was the top-performing industry group in Thursday’s market after First Solar ( FSLR ) rallied to a new high on an analyst note. Vertical Group initiated coverage on the stock Thursday with a buy rating, calling First Solar undervalued.
Airlines also were leading after Delta Air Lines (DAL) reported fourth-quarter earnings that breezed past views. The airline sharply raised its 2018 profit guidance, adding to some encouraging signals from the industry. Delta shares are now extended from a breakout past 54.16 in December.
RingCentral (RNG) broke out of a flat base, jumping past a 50.05 buy point. Volume was merely average for the cloud-based business telephone and collaboration systems company.
Yum China (YUMC), the spinoff of U.S. based Yum Brands (YUM), rose above the 43.65 buy point of a flat base. Volume was three times more than usual in afternoon trading.
Trupanion (TRUP), a thinly traded provider of pet health insurance, broke out past the 33.10 buy point of a flat base in heavy volume. The company isn’t profitable yet and is expected to post another loss for 2017, but analysts see it turning profitable this year. In its latest reported quarter, sales rose 31% to $63.1 million.
Another pet-related stock, PetMed Express (PETS), cleared a cup-shaped base in volume modestly above average. PetMed, which owns the 1-800-PetMeds veterinary products company, is a member of IBD’s Stock Spotlight screen .
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