Stocks shook off a midday dip and climbed to record highs in afternoon trading Monday as the Dow Jones industrial average and small caps led the market.
X The Dow jumped 0.6% to a record high. Intel (INTC) broke out to new highs. Procter & Gamble (PG) climbed back above the 50-day moving average and is trying to climb back above a 92.10 buy point. JPMorgan (JPM) added a bit of cushion above its 95.32 entry. Home Depot and American Express (AXP) made new highs.
The S&P 500 was up 0.3% and the Nasdaq 0.2%. The small-cap Russell 2000 continued to emerge as a leading index, rising 0.9%. These three indexes also made record highs.
Volume was running higher that at the same time on Friday. Winners led losers by 12-to-7 on the NYSE and by 11-to-5 on the Nasdaq.
More than two dozen stocks rose above buy points in today's trading, some of which were noted in earlier editions of Stock Market Today.
Also breaking out was Checkpoint Software (CHKP). The internet security company climbed past the 114.50 buy point of a cup-with-handle base in volume tracking more than 50% above average. Israel-based Checkpoint is one of four stocks in the security software industry group with an IBD Composite Rating above 90. But the group itself ranks 67th out of 197.
Merit Medical Systems (MMSI) broke out of a flat base, surging past a 46.70 buy point in heavy trading. The maker of disposable medical devices for cardiology and radiology is in a strong medical products industry group that boasts no fewer than 16 stocks with Composite Ratings of 90 or better. There are 118 companies in the group, which ranks in the top 20.
Innoviva (INVA) broke out of a cup with handle, rising past a 14.30 buy point but volume was meek for the biotech.
Paylocity broke out of a choppy base with a 49.75 buy point. The provider of cloud-based payroll and human resources software drew volume only modestly above average. Paylocity has been growing earnings robustly in the past few years, going from a loss in the fiscal year ended June of 2014 to profits of a penny a share, 30 cents and 67 cents a share.
Liveperson (LPSN) climbed above the 14.15 buy point of a flat base in volume about double the usual amount. The provider of messaging technology for companies and their customers posted a loss last year but is expected to earn 10 cents a share this year.
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