|Stocks continued to show decent gains at midafternoon |
Tuesday, bouncing back somewhat from Monday's broad sell-off. The Dow Jones industrial average rose 0.8%, the S&P 500 0.5% and the Nasdaq 0.4%. Volume in the stock market today is tracking up slightly from Monday's levels on the NYSE and roughly flat on the Nasdaq. Michael Kors (KORS) was recovering a little from its recent slide. The fashion house was up 1% in strong volume, lifting up from support near its 10-week moving average. Michael Kors was No. 23 in Monday's IBD 50 lineup. Another IBD 50 name, U.S. Silica Holdings (SLCA) jumped 19% in fast trade, also rallying up from its 10-week line. The fracking play was getting a big boost from its strong fourth-quarter earnings report. On the downside, highly rated Grand Canyon Education (LOPE) was off 5% in heavy turnover, undercutting its 10-week moving average. For-profit educators have been retreating this week amid news of an SEC probe of ITT Educational Services (ESI). Among Dow components, Home Depot (HD) rose more than 5% in strong volume after its healthy fourth-quarter report. It's holding just off its session high. Economic news has mostly come in positive Tuesday. New-home sales were much stronger than expected, and the S&P-Case Shiller Home Price Index also topped views. Plus the Conference Board's consumer confidence survey was more bullish than expected. Fed chief Ben Bernanke spoke before lawmakers Tuesday, defending the central bank's stimulus efforts but not offering much in the way of new information.