The stock market was mixed and mostly unchanged Thursday, good news for the bulls after bullish gains for the major stock indexes Wednesday. Dow leaders included Walgreens Boots Alliance (WBA), while O’Reilly Automotive (ORLY) was a top gainer in the Nasdaq 100. Shares of O’Reilly jumped 3%, good for a breakout from a base with a 351.75 entry.
The Dow Jones was up 0.2%; the S&P 500 eased 0.1% and the Nasdaq composite was down 0.3%. Volume on the NYSE and Nasdaq was tracking lower than Wednesday’s level in the stock market today. Quiet, orderly trade is just what the bulls wanted to see after major stock indexes confirmed a new uptrend Wednesday with a follow-through day.
A new stock market uptrend was confirmed Wednesday after the Dow, S&P 500 and Nasdaq followed through powerfully on the seventh day of their rally attempts. The Nasdaq led the way, surging 2.6% in higher volume.
The two-day Federal Reserve meeting concluded at 2 p.m. As expected, the Federal Open Market Committee left the federal funds rate unchanged in a range of 2% to 2.25%. But the market sees a 75% chance of another quarter-point hike at the December meeting.
Stock Market News
In the stock market today, shares of Leaderboard name Ulta Beauty (ULTA) reversed higher after falling 5.3% intraday on the stock market. Shares were up 5% to 305.90. It’s still within the 5% buy zone from the 290.40 buy point. The beauty retailer had its annual analyst and investor conference today. Due to the stock’s bullish upside reversal, a half position was made full on Leaderboard.
CyberArk (CYBR) and Alarm.com (ALRM) were also big winners on the earnings front. CyberArk was well off session highs but still rose 9% on a big earnings beat. Alarm.com’s price action was disappointing after the stock gapped above its 50-day moving average. An 18.6% intraday gain faded to 3.5% in afternoon trading.
Green Dot (GDOT), a provider of reloadable prepaid debit cards, also popped on earnings on the stock market today. The stock cleared a late-stage base with a 91.61 buy point, rising 7% to 91.95. Shares are up 16% so far this week.
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