Apr. 1, 2009 (Investor's Business Daily) -- Better-than-expected economic data trumped General Motor's bankruptcy fears Wednesday, helping stocks to a second day of gains.
The NYSE composite rallied 2.1%, Dow 2%, S&P 500 1.7% and Nasdaq 1.5%.
Turnover finished lower on the NYSE, but higher on the Nasdaq.
While the overall market notched nice gains, leaders once again lagged. Only nine IBD 100 members closed up in above-normal trade and the median price gains was just 0.3%.
Among IBD 100 winners, Metavante Technologies (MV) gapped up and rallied 10% on monster trade. It's being acquired by Fidelity National Information Services.
NVE Corp. (NVEC) reversed early losses and ran 9%. It also regained its 50-day moving average. But the magnetic sensor maker is a thin stock. It trades only about 74,000 shares a day.
Shanda Interactive Entertainment (SNDA) rose 3% to a fresh 52-week high. The Chinese online gaming firm has gained 21% since clearing a cup-with-handle pattern earlier this month.
On the downside, Apollo Group (APOL) gapped down and dived 14% on margin worries. Late Tuesday, the education firm delivered fiscal Q2 results above views. But it also reported a pickup in bad debt expenses.
Robert W. Baird also cut the stock to neutral from outperform.
Group mates Lincoln Education Services (LINC) and ITT Educational Services (ESI) lost 7% and 6% respectively.
Starent Networks (STAR) shed 8% after a volatile session. The telecom equipment maker was up as much as 4% and down as much as 19%. According to media reports, Alcatel-Lucent (ALU) named Verizon Wireless as a customer, thus invading in Starent's territory.
Elsewhere data on factory orders and initial jobless claims are on tap for Thursday.
On the earnings calendar, CarMax (KMX), Monsanto (MON), Research In Motion (RIMM) and Schnitzer Steel (SCHN) all report tomorrow.
4:15 p.m. Update: Indexes Open Weak, Finish Strong
BY VINCENT MAO
Stocks started the first day of the second quarter with a whimper but finished with a bang. The major indexes fought back from a lower open and closed near session highs Wednesday.
The NYSE composite gained 2.1% after having been down 1.4%. The Dow climbed 2%, the S&P 500 1.7%, the Nasdaq 1.5%.
Volume climbed across the board, especially on the Nasdaq. Advancers beat decliners by more than 3-to-1 on the NYSE and nearly 2-to-1 on the Nasdaq.
3:15 p.m. Update: Indexes Charge Ahead While Leaders Stay Soft
BY VINCENT MAO
The major indexes ramped up in late trading Wednesday, but leading stocks continued to be uninspiring.
The NYSE composite was up 2.1%, the Dow 2%, the S&P 500 1.7%, the Nasdaq 1.5%.
Volume was still tracking sharply higher on both exchanges.
Leaders were largely missing in action. The median price of the IBD 100 was up just 0.1%, and only seven components were up in above-average volume.
Cree (CREE) erased earlier losses and jumped 7% to a six-month high. According to a Reuters report, Cree's chief executive said demand for light-emitting diodes would rise next year.
Silgan Holdings (SLGN) wiped out early losses and gained nearly 1%. The container maker is nearing a 54.47 buy point from a cup base within a larger consolidation.
Meanwhile, Ford (F) rose 4% despite reporting a 41% drop in March vehicle sales.
General Motors' (GM) sales tumbled 45%. Shares turned flat after falling 19%.
2:15 p.m. Update: Stocks' Rise Pauses In Afternoon Trade
BY VINCENT MAO
Stocks eased after rising to new session highs in afternoon trading Wednesday.
The NYSE composite was up 1.7%, the Dow 1.4%, the S&P 500 1.1% and the Nasdaq 1%.
Volume was again tracking firmly higher across the board.
Research In Motion (RIMM) rallied 6%, but eased after peeking above its 50-day moving average. The smart phone maker unveiled an applications store.
Brink's Home Security Holdings (CFL) reversed early losses and gained 4%. The stock may be forming a cup-with-handle base with a 25.10 buy point.
