The major stock market indexes remained strong into the close, trading near the highs of the day, and posted another weekly gain. The Dow Jones Industrial Average closed the day up 2.6%, or 828 points.
The S&P 500 gained steam with a 2.5% gain. The Nasdaq composite pulled ahead to be today's big gainer, reclaiming 2.9%. The Russell 2000 small-cap index lagged the other indexes, up 2.3%.
The Nasdaq found resistance at its 10-week moving average. The Dow rose above it's 200-day moving average, while the S&P 500 traded above its 50-day support line.
The tech-heavy Nasdaq 100-tracking Invesco QQQ Trust ETF popped 3.1%.
NYSE traded lower and Nasdaq traded on higher volume than at the same time on Thursday.
Crude oil fell 1% to $88.17 per barrel, while the Energy Select Sector SPDR ETF edged up 0.4%. Natural gas retreated, losing 1.5%, and holding above $5 per million British thermal units.
The 10-year Treasury note yield rose 8 basis points to 4.01%. Bitcoin trimmed 0.1% to $20,705.
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Housing Sales Sink; Yellen Doesn't See A Recession
The quarter-over-quarter U.S. Employment Cost Index rose 1.2%, in line with the consensus estimate. Year over year, it rose a hefty 5% in the third quarter, also meeting expectations.
Treasury Secretary Janet Yellen said, "I don't see signs of a recession in this economy at this point." But she added that inflation is "unacceptably high and Americans feel that every day."
September personal income rose 0.4% vs. the 0.3% consensus expected, while personal consumption expenditures increased 0.6%, vs. the 0.4% expected.
The October University of Michigan's consumer sentiment came in at 59.9 vs. the 59.7 projected. The September pending home sales dropped a whopping 10.2% vs. the expected 3.8% decline.
Stock Market Big Movers: Ecommerce Hits A Low
Amazon.com gapped down 6.8% in heavy volume after reporting mixed Q3 results and disappointing guidance late Thursday. Shares posted the lowest close since June 14, 2022, when it closed at $102.31. Shares are down 37.97% year-to-date; on pace for worst year since 2008, when it fell 44.65%.
IBD Big Cap 20 stock ExxonMobil rose 2.9% after reporting record profits for Q3. Shares are in the 5% buy zone after hitting the 105.67 buy point of a long, choppy base, according to MarketSmith pattern recognition.
Glucose monitor manufacturer Dexcom gapped 19.4% after reporting a beat on Q3 EPS and sales. It also gave 2022 revenue guidance better than analysts expected. The stock leads the S&P 500 today.
Education And Telecom Stocks Break Out
Adtalem Global Education was up 3.1% and broke out of a cup base hitting the 41.50 buy point.
Telecom engineering company Dycom Industries rose 3.5% and broke out of a cup base hitting the 120.55 buy point on light volume.
Chevron rose 1.2% after reporting a beat on its Q3 sales and earnings. Shares are near a 182.50 buy point. The relative strength line hit a new high as indicated by the blue dot on the weekly MarketSmith chart.
Commercial truck manufacturer Paccar rose 2.3% and broke out of a saucer-with-handle base, hitting the 95.23 buy point. The company beat Q3 EPS and sales views on Tuesday, and has been climbing in heavier than average volume since then.
Vertex rebounded 9% after yesterday's 7.2% sell-off, as investors digest Thursday's positive Q3 EPS and sales numbers. Several analysts raised their price targets on the stock. Morgan Stanley boosted it to 285 and UBS to 342.
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IBD 50 Stock Market Movers: Repair Parts Stock Jumps After Earnings
The Innovator IBD 50 ETF inched up 0.9%, lagging the major stock market indexes.
Medical staffing provider AMN Healthcare Services rose 4.6% and broke out of a cup-with-handle base with a 125.04 buy point. The relative strength line hit a new high, too.
W.W. Grainger gapped up 7.1% after reporting a beat on Q3 EPS and sales. Management raised its full-year 2022 EPS and sales guidance above analysts' views. Shares are in a cup-like base, nearing the 588.72 buy point. The relative strength line hit a new high already.
Natural gas shipper Flex LNG gapped down 4.8%, dropping below its 50-day and 21-day exponential moving averages.
