Stocks Higher As Nasdaq Leads; A Key Signal For Microsoft

The stock market was modestly higher as rebounding technology shares put the Nasdaq composite ahead of the major indexes Friday afternoon.

XAutoplay: On | OffThe Nasdaq was up 0.7%, as semiconductors and other technology stocks led today's trading. Microsoft (MSFT), one of the Nasdaq's largest components, rose 1.4% as the stock found important support at the 50-day moving average. But Microsoft remains below its 72.99 buy point from a breakout July 14.

The S&P 500 climbed 0.3%. The Nasdaq and S&P 500 remained below their 50-day moving averages, a key support level that both indexes pierced Thursday. Friday's index gains were small in comparison to the losses suffered Thursday and for the whole week.

The Russell 2000 lagged with a minimal gain.

Volume was higher on the NYSE and lower on the Nasdaq compared with the same time Thursday. Winners and losers were roughly even on the NYSE and Nasdaq.

The Dow Jones industrial average was up 0.2%. The Dow's financial components — Goldman Sachs (GS), JPMorgan (JPM), American Express (AXP) and Travelers (TRV) — were some of the weakest, down 0.5% to 1%. Travelers slid below its 129.70 buy point. American Express is bending toward its 50-day moving average.

Financials were broadly weaker. Regional bank and money-center bank industry groups were in the bottom 22 of 197 industry groups. Today's news seemed to lessen the chances of an interest-rate increase in December.

Inflation data for July was modest, and Dallas Fed President Steven Kaplan said he now wants to see more evidence that the Fed is progressing toward reaching its inflation targets. He also said he finds the current federal funds rate at "an appropriate place for us to be."

Generic drugs, hospitals and other health care stocks also were strong. In generic drugs, Eagle Pharmaceuticals (EGRX) surged 11%. The stock started to rebound from a sharp July decline with Wednesday's earnings report.

Monster Beverage (MNST) jumped more than 2% in busy trading as the energy-drink company found support at the 50-day moving average. The stock is back in buy range from a 52.51 buy point.

Norwegian Cruise Line (NCLH) fell 2% in heavy volume but started to rebound as it hit its 50-day line. The stock has been in choppy seas since it reported earnings Tuesday, and it remains below a 56.36 buy point.

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