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Investors Business Daily
Investors Business Daily
Business
ED CARSON

3 Top S&P 500 Stock Market Gainers Today

Phillips 66 and fellow refining play Valero Energy and Paychex were the top three S&P 500 index gainers on the stock market today. PVH along with Etsy and Mohawk Industries were the S&P 500's biggest losers on Wednesday.

PSX stock jumped 4.8% to 87.44, retaking its 50-day moving average, as refiners and other energy plays rebounded with crude oil prices. Phillips 66 has an official buy point of 94.44 in a consolidation going back to last June. Investors could use 93.64, just above the February short-term high, as an early entry. But aggressive traders could have used Wednesday's move as a place to start a position, from both the 50-day line and breaking a short-term trendline.

VLO stock rose nearly 4% to 100.50. Shares of the refining and gas station giant are greatly extended.

PAYX stock climbed 3.3% to 136.89 The payroll and employee benefits firm reported stronger-than expected quarterly earnings. Paychex stock is just below a 139.07 cup-base buy point.

S&P 500 Losers

PVH stock fell 6.5% to 82.69, reversing from near the 50-day line. Late Tuesday, the apparel maker reported better-than-expected Q4 earnings and sales. But PVH guided low on Q1 and fiscal 2023.

ETSY stock sank 5.85% to 134.56, back below its long-sliding 50-day moving average.

MHK stock skidded 5.7% to 130.93 after hitting resistance at its 50-day line on Tuesday. Mohawk Industries, which makes floor covering products, is near its worst levels since late 2020.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.

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