By PAUL WHITFIELD, INVESTOR’S BUSINESS DAILY
Stocks rumbled higher Tuesday in rising volume as several major indexes pushed to 52-week highs.
The Nasdaq jumped 1.9%, while the S&P 500 and the NYSE composite leapt 1.8% each. The Dow Jones industrial average rose 1.7%. Small caps outperformed as the S&P 600 gained 2.1%.
Volume rose on both major exchanges for the first time in a week, according to unconfirmed numbers. Higher prices in faster trade pointed to institutional buying.
Two financials in the Dow were the leaders as JPMorgan Chase (JPM) and Bank of America (BAC) ran 7% and 6% higher, respectively, in expanding volume.
Top-rated stocks were mostly up, many in vigorous volume.
Discount airline Spirit Airlines (SAVE) cleared a short consolidation in double its usual volume. The stock rose almost 4% to a new high.
Diesel and natural gas engine maker Cummins (CMI) thrust almost 6% in 30% faster action.
Apple (AAPL) continued to defy gravity as it hurdled 3% higher in 44% faster trade. The stock marked a new high.
Among IBD’s 197 industry groups, banks and construction and mining equipment makers led. Only seven groups lost ground, including oil-royalties stocks and gold miners.
The price of gold futures fell 1.6%. Copper, a barometer for the global economy, rose 1.8%.