U.S. stock indexes were mixed midday Friday, as the market disregarded a miss on October payrolls.
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The Nasdaq rose 0.4%, while the S&P 500 added 0.2%. The Dow Jones industrial average rose 0.1% and the small cap Russell 2000 was flat.
Volume in the stock market today was down on both major exchanges.
October payroll increases rolled in at 261,000 — about 20% below expectations. Bulls looking for upbeat angles could point to upward revisions in August and September and the fact that the economy rebounded quickly from the effects of hurricanes.
The August payroll number was revised upward from 169,000 to 208,000. September was revised upward from a loss of 33,000 jobs to a gain of 18,000 jobs, according to the Bureau of Labor Statistics.
Apple Gaps Up
Blue-chip stocks were mostly down. In the Dow Jones industrial average, losers led winners by a 4-to-3 ratio. Apple (AAPL) anchored the index, as the stock gapped up 2% in strong volume. Apple reported quarterly results late Thursday, growing earnings 24% and revenue 12%. Apple beat the Street’s consensus estimates on the top and bottom lines.
Apple also offered strong guidance for the current quarter.
In the IBD 50, a list comprised of the best stocks in fundamentals and technicals, smartphone and computer screen provider Universal Display (OLED) retook a 145.40 buy point. The stock gapped up 9% in heavy volume. Universal Display reported stronger than expected Q3 results.
Control4 (CTRL), a developer of software for the connected home, knifed 18% higher in fast trade. The IBD 50 stock beat analysts views on the top and bottom lines.
Breakouts in heavy volume midday Friday included virtualization software provider Citrix Systems (CTXS), which cleared a handle at 84.08; and restaurant chain Wingstop (WING), which gapped up above a 36.01 entry.
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