X Stocks pulled off a positive finish Friday, leaving the major indexes lower for the week, but with the Dow industrials and S&P 500 reclaiming key levels of support.
An afternoon rally snapped after news reports said federal investigators had identified a current White House official as a person of significant interest in the investigation into possible Russian interference in the 2016 U.S. presidential campaign. Another report attributed to President Trump potentially damaging statements regarding the firing of FBI Director James Comey.
Despite the mild pullback, the Dow Jones industrial average and S&P 500 each ended 0.7% higher. That left the S&P 500 above the 50-day line, and the Dow even with the 50-day moving average and down about a half-percent for the week.
The Nasdaq, which has remained above its 50-day line, took a 0.5% gain Friday and chalked up a 0.6% decline for the week. The small-cap Russell 2000 was 0.5% higher Friday.
Autodesk (ADSK), McKesson (MCK), Caterpillar (CAT) and Deere (DE) were heroes for the day, hauling their respective industry groups to the session's top performances.
Losses were comparatively mild among blue chips. Cisco Systems (CSCO) took the low rung on the Dow with a 0.5% decline.
Energy stocks also played a leading role as oil prices added 2%, leaving West Texas Intermediate at $50.33 a barrel, up more than 5% for the week and 15% above an early May low. Near the top of the S&P 500, Helmerich & Payne (HP) rose 5%, Devon Energy (DVN) and Murphy Oil (MUR) each rolled 3% to 5% gains.
Among techs, Autodesk was the clear leader, soaring 15% as a pair of analyst upgrades followed strong first-quarter results reported late Thursday.
On the IBD 50, China-based issues were the clear leaders.
Momo (MOMO) leapt 5% to end the week with a 9% gain and at a new high. New Oriental Education & Technology (EDU) rose 5%, eliminating what was a 7% loss to end the week essentially flat.
YY (YY) gained 4% Friday, recovering to a 1% loss for the week and ending the week in buy range, 3% above a 51.94 buy point.
Apparel retailers scored the day's worst loss among industries, led by Foot Locker's (FL) 17% flameout. The retailer reported earnings, revenue and same-store-sales below analyst expectations, saying the delayed income tax returns carved into its Q1 results.
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