The stock market held decent gains in early trading Wednesday on the heels of a bullish session Tuesday that put the market back into a resumed uptrend status.
The Dow Jones industrial outperformed, rising 0.9%, helped by 2%-plus gains for Goldman Sachs (GS) and JPMorgan Chase (JPM). The S&P 500 rose 0.8% and the Nasdaq picked up 0.7%. In the early going, volume on the NYSE was tracking higher than Tuesday's levels. Nasdaq volume was lower.
European markets were up nicely for the second straight session. Germany's DAX gained 1.5%, the Paris CAC 50 rose 1.2%, and London's FTSE added 0.6% in afternoon trading.
In the stock market today, HP Enterprise (HPE) surged 10% after reporting earnings late Tuesday. It also announced plans to spin off and merge its enterprise-services business with Computer Sciences Corp. (CSC) Shares of CSC soared 34%.
West Texas Intermediate crude oil futures for July delivery gained more steam in morning trade as they added 1.4% to $49.38 a barrel. Late Tuesday, data from the American Petroleum Institute showed a 5.1-million-barrel decrease in crude supplies last week. Gold, meanwhile, was on pace for its sixth straight decline. SPDR Gold Shares (GLD) lost another 0.5%. Since May 17, the ETF is down about 4.5%.
IBD 50 name Dycom (DY) was an early winner, up 11.5% after reporting strong earnings late Tuesday. The provider of specialty contracting services gapped up over a 73.28 cup-with-handle buy point. But the stock remains within the walls of its six-month cup base. Dycom sports a solid 93 Composite Rating out of a maximum 99 from IBD Stock Checkup.
Another IBD 50 name, Western Alliance Bancorp (WAL), rose nearly 3%. It cleared a cup-with-handle buy point of 37.58.
On the downside, China-based Alibaba (BABA) slumped more than 3% on news of an SEC accounting probe. Shares jumped nearly 3% in above-average volume Tuesday, ending just below an 81.88 entry.
