The major market indexes were slightly higher at the close Wednesday, after reversing losses following the release of the Federal Reserve policy meeting minutes.
The S&P 500, Dow Jones industrial average and Nasdaq managed to edge higher. The S&P was up 0.2%, Dow up 0.1% and the Nasdaq inched up 0.03%. Volume was higher across the board vs. the same time Tuesday.
Minutes from the July 27 Fed meeting showed policymakers were increasingly confident about the economic outlook but would wait "to accumulate more data" before hiking rates. The statement pointed to "moderate" economic gains, a strengthening labor market and "diminished" near-term risks to the economic outlook.
Solar, hospital and retail stocks led the downside in today's stock market action, while food, utility and online travel stocks outperformed.
Cisco Systems (CSCO) was the biggest mover on the Dow, falling more than 1% to 30.72 in heavy trade ahead of its earnings report due out after the close. The networking gear maker plans to cut up to 14,000 employees, or about 20% of its global workforce, according to tech website CRN.
Target (TGT) plunged more than 6% to 70.63, gapping down below its 50-day moving average in big volume. The discount retailer reported mixed Q2 results, as earnings topped views but revenue slightly missed. It also lowered its full-year profit outlook.
On the IBD 50, Yirendai (YRD) bounced back from Tuesday's slide with a 6.7% gain to 35.62. The Chinese stock has more than tripled from its Dec. 18 offering price of 10 a share and is well extended past a 14.97 buy point first cleared in May.
Cintas (CTAS) rose 2.4% to 115.65, adding to its 5% gap-up move from the prior session. Shares are extended from a 109.21 entry of a four-weeks-tight pattern completed last week.
A few IBD 50 stocks fell more than 2%, though none of the drops were too severe. Paycom Software (PAYC) gave up nearly 3% to 49.39 in fast trade. Shares are 5% off their all-time high and holding well above their 50-day moving average. The stock had also triggered the 20%-25% profit-taking rule.
Discount retailer Five Below (FIVE), had a third straight decline, falling 2.5% to 46.42, and sliding further below its 50-day line. But it had already triggered the profit-taking rule in late July. The fellow IBD 50 name sells all items in its stores for $5 or less and specializes in party goods, food, and products for teens.
IBD'S TAKE: Younger companies with outstanding growth in earnings and sales, such as Paycom and Five Below, tend to populate the IBD 50. You can track this extremely useful guide to top-performing growth stocks every day by going to "Stock Lists" on the home page of Investors.com.
