The stock market major indexes strengthened in the final hour of Thursday's session. The Nasdaq and S&P 500 held above key levels of support. The Russell 2000 couldn't quite climb out of the basement.
The Dow Jones picked up steam, climbing 0.4%. The Nasdaq added 0.7% while the S&P 500 advanced 0.6%. Weakening regional bank stocks kept a lid on the Russell 2000, as it dipped 0.1% to close out the day.
NYSE volume fell slightly while Nasdaq volume increased compared to the same time on Wednesday, in preliminary numbers.
The S&P 500 and Nasdaq composite traded above their 50-day moving averages. The Nasdaq 100-tracking Invesco QQQ Trust ETF rallied 1%.
The Nasdaq closed above the psychological 12,000 level, while the S&P 500 held above its key 4000 level.
The Innovator IBD 50 ETF gained 0.3%.
Crude oil ticked up 1.9% to $74.33 per barrel. Bitcoin pulled back 1.8% to $27,930. The 10-year U.S. Treasury yield trimmed 2 basis points to 3.55%.
The CME FedWatch tool shows nearly-even odds for a zero vs. quarter-point rate hike at the May 3 meeting.
Last week's initial weekly jobless claims notched up to 198,000 vs. 195,000 expectations, showing a slight slowing in the job market. The minor increase is a step in the right direction, as the labor market is one piece of the puzzle the Federal Reserve looks at in policymaking.
Stock Market Today: Health Stock Tanks On Deal News
IBD 50 stock Agilon Health plunged 12.8% in heavy volume, closing just above its 50-day line. The move came on news it will enter into a partnership with Premier Health.
Agilon provides a Medicare-centric total health care model that combines people, process and technology used by doctors and hospitals. Privately-owned Premier has a network of hospitals, medical organizations and physicians in southwest Ohio.
Luxury home and lifestyle retailer RH, formerly known as Restoration Hardware, fell 3.3% in heavy volume after missing Q4 earnings and sales expectations late Wednesday. The stock is below its 50-day and 200-day lines.
Modular-home builder Skyline Champion added another 2%. The stock has gained over 9% so far this week.
Charles Schwab fell 5% after Morgan Stanley downgraded the financial stock to equal weight and cut its price target to 68. Shares have lost over 37% so far this year.
Aehr Test Systems pulled back 1.7% ahead of earnings after the bell.
Walmart eased back from earlier gains, rising 1% after Evercore ISI upgraded the stock to outperform and raised its price target to 160.
WMT is in a flat base nearing the 146.65 buy point.
Nasdaq Tops 12K, Inflation Data Due; Big Tesla Battery News?
Semiconductor Stock Blows Past Buy Zone
IBD 50 stock Rambus added another 5.9% after yesterday's 9.7% pop, both days in heavy volume. The semiconductor stock broke out Wednesday and bypassed the 46.26 buy point of a flat base.
Shares are extended from the 5% buy zone reaching to 48.51. RMBS has soared 13% so far this week.
AngloGold Ashanti gapped up 6.1% in heavy volume in Thursday's stock market, hitting the 23.46 buy point of a cup base. The relative strength line hit a new high as shown by the blue dot in MarketSmith.
Sales grew 14% for the December-ended period while EPS dropped 2%. Analysts project 12% annualized EPS growth in 2023 and a lofty 33% in 2024.
The South African gold miner is ranked third out of 73 stocks in the Mining-Gold/Silver/Gems industry group. The group moved up to 24th out the 197 IBD industry groups, from 65th four weeks ago.
SPDR GLD Gold Shares ETF notched up 0.9% and has gained 7.9% so far this month, outperforming the S&P 500's 2.5% gain. Gold ETFs have seen recent strength amid the banking crisis. The June gold futures contract flirted with the $2,000 level.
The VanEck Semiconductor SMH gapped up 1.4% and is in the 5% buy zone of a cup-with-handle base with a 255.74 buy point.
Follow Kimberley Koenig for more stock news on Twitter @IBD_KKoenig.
