Big-cap techs led the upside as they bounced back from big declines in the prior two sessions. PowerShares QQQ Trust ( QQQ ) gained as much as 0.6%. SPDR Dow Jones Industrial Average ( DIA ) advanced 0.4% to a new high. It remains in buy range from a 211.69 flat-base entry.
Cisco Systems and Microsoft, up 1% each, were among the biggest blue chip gainers. Apple, which popped early before giving back some of its advance, held a 0.6% gain.
VanEck Vectors Semiconductor (SMH) recovered 0.7% before easing below the line, while iShares PHLX Semiconductor (SOXX) recouped 0.9% before fading as the pair of ETFs halted a two-session slide. Both found support above the 50-day moving average line and are extended.
Technology Select Sector SPDR (XLK), featured in Tuesday’s ETF picks column , climbed as much as 0.6% and is in buy range on a rebound off its 50-day line. On Monday, it fell to its 50-day line before finding support and sharply paring its loss. The FANG stocks recovered early Tuesday: Facebook (FB), Amazon.com (AMZN), Netflix (NFLX) and Alphabet (GOOGL) all gained more than 1% in similar action to XLK. Those gains shrank in late morning trade.
Homebuilders added to gains as iShares U.S. Home Construction (ITB) rose 1.4% to its highest level since 2007. SPDR S&P Homebuilders (XHB), also featured in Tuesday’s ETF picks column, popped 0.9% to a 52-week high to break out past a 38.51 flat-base entry. It’s still in buy range.
Oil plays reversed higher along with West Texas intermediate crude prices. United States Oil Fund (USO) and PowerShares DB Oil (DBO) were up 0.5% and 0.3% respectively. SPDR S&P Oil & Gas Exploration & Production (XOP) rallied 1.8% and VanEck Vectors Oil Services (OIH) added 1.3%.
SPDR Gold Trust (GLD) and iShares Gold Trust (IAU) were fractionally lower as gold futures dipped 0.3% to $1,264.90 an ounce. But VanEck Vectors Junior Gold Miners (GDXJ) and VanEck Vectors Gold Miners (GDX) gained a respective 1.4% and 0.4%.
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