By Paul Whitfield, Investor’s Business Daily
Stocks advanced in rising volume Monday as the U.S. dollar weakened.
The Nasdaq and the S&P 500 posted gains of 1.3% and 1.2% respectively, while the NYSE composite added 0.9%. The Dow Jones industrial average tacked on 0.8%.
Volume rose on both major exchanges, according to preliminary data.
On the S&P 100, an index for big and well-established companies, Wells Fargo (WFC) led the pack with a pop of almost 4%. The stock is now only 6% off its 52-week high. Wells Fargo has a respectable Composite Rating of 82, putting it above more than eight of every 10 stocks in IBD’s database.
Two top-rated stocks broke out in strong volume — SodaStream (SODA) and Tata Motors (TTM).
On the downside, firearms maker Sturm Ruger (RGR) dropped 4% in more than triple its usual volume. Outdoor equipment retailer Cabela’s (CAB) fell 6% in strong volume.
In other news, India’s government lowered its growth estimate for 2012-13 from 7.6% to a range of 5.7% to 5.9%.