By Vincent Mao, Investor’s Business Daily
Stocks ended off their session highs Friday, but still recouped some losses from their recent slide.
President Obama’s comment that the rich must pay more taxes to help the deficit took some wind out of the market’s comeback.
The Nasdaq rose 0.3% and the S&P 500 climbed 0.2%. Despite a 6% loss in Walt Disney (DIS), which fell on disappointing earnings, the Dow Jones industrial average edged up a fraction. Volume dipped on both major exchanges, according to preliminary data.
The major averages capped the week with big losses. For the week, the Nasdaq dropped 2.6%, extending its losing streak to five weeks. The S&P 500 slid 2.4% and the Dow fell 2.1%.
Leaders up in volume were few Friday, signaling that the bear trend might still continue in the coming weeks.
Steven Madden (SHOO) erased earlier losses after finding support near its 200-day line and climbed 2%. The upside reversal wiped out Thursday’s fall and then some. On Thursday, the stock lost more than 8% and dropped below a 45.65 buy point in a flat base.
FleetCor Technologies (FLT) gapped up and rose as much as 7% before trimming its gain to 4%. Late Thursday, the provider of fleet fuel cards and other payment products easily beat expectations with Q3 earnings that jumped 48% to 83 cents a share — the biggest gain in seven quarters. Sales grew 39% to $186.9 million, the largest in 10 periods. The company also raised its outlook for full-year profit and revenue.
On the downside, MDC Holdings (MDC) extended recent losses, falling 3% in heavy trading. Shares were off by 6% at Thursday’s low. The stock cleared a 41.39 buy point in a flat base Nov. 1, but triggered IBD’s 8% sell rule just one day later. The homebuilder recently reported Q3 earnings that beat views, but sales missed expectations.
Fellow homebuilder D.R. Horton (DHI) will report earnings Monday.