By VICTOR REKLAITIS, INVESTOR’S BUSINESS DAILY
Stocks achieved moderate gains Wednesday as volume rose across the board, adding weight to the move up.
The Nasdaq rose 0.5%, while the S&P 500 added 0.4%. The Dow Jones industrial average edged up just 0.1%, hurt by Hewlett-Packard’s (HPQ) 13% tumble on its disappointing guidance. Each main stock index now stands 1% to 2% below its mid-September peak.
In economic news, payroll manager ADP said the U.S. added 162,000 jobs in September, beating expectations. The service sector expanded in September for the 33rd straight month, lifting the Institute for Supply Management’s service index to 55.1. That topped forecasts for 53.5.
Among IBD 50 stocks, Stratasys (SSYS) jumped 6% in fast trade, helped by Craig-Hallum Capital Group raising the 3D printers maker to buy from hold. Stratasys, No. 31 in Wednesday’s IBD 50, moved up toward its 50-day moving average. It closed below that key support level two weeks ago.
Apple (AAPL), No. 15 in the IBD 50, advanced nearly 2% in roughly average turnover. The stock is rallying after finding support at its 50-day line on Tuesday. Many reports this week have focused on a new smaller tablet PC, unofficially dubbed the iPad mini. Apple is expected to unveil the gadget on Oct. 17, challenging the smaller, cheaper tablets sold by Amazon.com (AMZN) and Google (GOOG).
On Thursday, the economic data released will include fresh readings on job cuts, weekly jobless claims and factory orders.