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US stock indexes give a bullish tone Wednesday morning, as Apple (AAPL) jumped 5% on a late earnings report. At the same time, the Federal Reserve is expected to conclude a two-day meeting at 2 pm AND.
X
Nasdaq rose 0.4%, while the S & P 500 gained 0.1%. The Dow Jones Industrial Average index rose 0.2%. Russell 2000 small-cap stocks rose 0.1%.
Stock market volume declined on the NYSE but rose on the Nasdaq.
Apple overcame a lot of negativity, including those who ignored Tuesday's earnings after regular working hours. The market dismissed bearish rhetoric and found itself empty on Wednesday morning. On April 8, Apple erased a cup-shaped pattern with a handle. The stock is now above 6% of the purchase point of 197.79. The volume, however, was calm during the escape.
Bulls prefer to see an increase of at least 40% on an escape. Such pop suggests that the funds are behind the move.
In other news market, the manufacturer of anti-aging products Nu Skin (NUS) jumped 26% while profits exceeded the consensual view of about 7%. The market capitalization is still 27% below its peak.
Nu Skin was a stock market leader from 2009 until the end of 2013, but has not been able to take firm control since.
Big cap Estee Lauder (EL) climbed nearly 4%, reaching a new high, exceeding the goal of gains of 5%. The stock is about 12% after a purchase point of 158.90 – too much to buy. IBD investors prefer to buy stocks as they reach a new high, but only if the stock clears a valid base.
restaurateur Yum brands (YUM) dropped about 3% after beating profits by 1%. Revenues were in line with estimates. Yum is extended beyond the purchase area by 5%.
IBD Exchange Traded Funds
The Innovator IBD 50 Fund (FFTY) lost 0.7% in morning trading. IBD exclusive group opportunities (BOUT) increased by 0.5%.
The US Federal Reserve is expected to maintain rates, although President Trump on Tuesday urged the Fed to lower its interest rates.
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