By Vincent Mao, Investor’s Business Daily
Stocks closed with big gains in a post-holiday shortened session Friday. The market also logged its best weekly performance in about five months.
The Nasdaq rallied 1.4%, extending its win streak to five straight sessions. Gains in Apple (AAPL) and Intuitive Surgical (ISRG) boosted the tech-heavy index. The Dow Jones industrial average also climbed 1.4%, while the S&P 500 gained 1.3% and closed back above the 1400 level. Turnover tumbled across the board due to the half session.
For the week, the Nasdaq surged 4% and the S&P 500 rallied 3.6%. The Dow climbed 3.4%. All three scored their biggest weekly gains since the week ended June 8.
Taiwan Semiconductor (TSM) gapped up and rallied 4% to its best level in more than 12 years. Taiwan Semiconductor is the highest-rated stock in the lackluster Electronics-Semiconductor Manufacturing industry group.
Last month, the company delivered a 68% jump in Q3 earnings and a 38% increase in sales. Both marked its best performance in about two years. The stock may be reacting to Taiwan’s Finance Minister Chang Sheng-ford’s comment that government-controlled funds and banks should buy local stocks.
Sturm Ruger (RGR) gapped up and rose 3% to a six-month high. That put shares 5% above a 52.13 buy point. The stock initially cleared that buy point Nov. 8, but triggered the 8% sell rule the next time. It regained the buy point Tuesday.
U.S. Silica Holdings (SLCA) shed 5% as it came under pressure for the third straight session. It closed just under a 15.32 buy point from a base within a larger consolidation. The stock initially cleared that buy point Nov. 6, but triggered the 8% sell rule five sessions later. It again cleared the buy point Monday.
Qihoo 360 Technology (QIHU) slipped 2% as it further pulled back from a 24.40 buy point. The stock cleared a handle Nov. 20 in nearly triple its average trading in reaction to the company’s better-than-expected Q3 results.
No economic reports are due Monday, but retailers Big Lots (BIG) and Jos. A. Bank Clothiers (JOSB) will report earnings.