Stocks hit fresh highs late Wednesday after a downward revision to first-quarter GDP eased concerns that the Federal Reserve would soon pare its stimulus program.
The S&P 500 and the Dow Jones industrial average were each up 1%, while the Nasdaq climbed 0.9%. Volume was down 3% on the NYSE but was 2% higher on the Nasdaq, compared to the same time Tuesday.
In the stock market today, Sinclair Broadcast Group (SBGI) was the biggest gainer among IBD 50 stocks, jumping 5% to a new high. But volume failed to meet even its average pace. The TV station operator soared above its 50-day line June 13 and had been holding near its high.
Sinclair has a best-possible 99 Relative Strength Rating, indicating that its price performance over the past 12 months exceeds 99% of all listed companies.
Web.com Group (WWWW), which provides website publishing and management software to small firms, jumped 4% to a new all-time high in double its average daily volume. It's now 7% past a 22.94 buy point from a three-weeks-tight pattern, putting it beyond the 5% limit that defines a buy area.
The three-weeks-tight pattern allows current shareholders to buy additional shares, though aggressive investors may also use it to initiate a position.
Web.com has an Accumulation-Distribution Rating of A, indicating strong demand for the shares. It's a top stock in a very weak industry group.
CBOE Holdings (CBOE), which operates a global options exchange, rose 3% and hit a new high in strong trade. It's 11% past a 41.10 buy point from a three-weeks-tight pattern.
Also, Spirit Airlines (SAVE), down as much as 4% in early trading, found support at its 50-day line and reversed higher. At last check, the discount airline was up a fraction in heavy trade as it tries to stem a five-session slide.
Discount retailer Five Below (FIVE) was not so fortunate. It crashed 7% in massive turnover after pricing a secondary offering of 6 million shares at $36 each, a 6% discount to Tuesday's close. The stock pierced both its 50-day and 200-day moving averages.
Source: http://news.investors.com/investing-stock-market-today/062613-661497-stocks-up-volume-mixed.htm
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