Stocks were near session lows in the stock market today as selling picked up the pace in afternoon trading. Dow leaders included Walgreens Boots Alliance (WBA), while O’Reilly Automotive (ORLY) was a top gainer in the Nasdaq 100. Shares of O’Reilly jumped 3%, good for a breakout from a base with a 351.75 entry.
The Dow Jones was down 0.3%; the S&P 500 lost 0.6% and the Nasdaq composite was down 0.9%. Volume on the NYSE and Nasdaq was tracking lower than Wednesday’s level in the stock market today but seemed to be picking up the pace. Late-session selling was a disappointing development for the bulls as major stock indexes confirmed a new uptrend Wednesday with a follow-through day.
A new stock market uptrend was confirmed Wednesday after the Dow, S&P 500 and Nasdaq followed through powerfully on the seventh day of their rally attempts. The Nasdaq led the way, surging 2.6% in higher volume.
The two-day Federal Reserve meeting concluded at 2 p.m. As expected, the Federal Open Market Committee left the federal funds rate unchanged in a range of 2% to 2.25%. But the market sees a 75% chance of another quarter-point hike at the December meeting.
Stock Market News
In the stock market today, shares of Leaderboard name Ulta Beauty (ULTA) reversed higher after falling 5.3% intraday on the stock market. Shares were up 5% to 305.90. It’s still within the 5% buy zone from the 290.40 buy point. The beauty retailer had its annual analyst and investor conference today. Due to the stock’s bullish upside reversal, a half position was made full on Leaderboard.
CyberArk (CYBR) and Alarm.com (ALRM) were also big winners on the earnings front. CyberArk was well off session highs but still rose 10% on a big earnings beat. Alarm.com’s price action was disappointing after the stock gapped above its 50-day moving average. An 18.6% intraday gain faded to 4.5% in afternoon trading.
Green Dot (GDOT), a provider of reloadable prepaid debit cards, also popped on earnings on the stock market today. The stock cleared a late-stage base with a 91.61 buy point, rising nearly 8% to 92.62. Shares are up 17% so far this week.
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