Stocks extended gains in early-afternoon action Thursday after struggling for direction earlier in the session. Two of the three major stock indexes pushed further into record high ground.
The Dow Jones industrial average and the S&P 500 climbed 0.5% each. Both hit fresh all-time highs. The Nasdaq lagged with a 0.2% gain. Nasdaq volume was tracking higher in the stock market today, but NYSE trade was running lower.
United Rentals (URI) was off its session high, but still up 2% in fast trade. Earlier, the stock bolted 6% and cleared an early 56.09 buy point from a flat base. The heavy equipment rental firm has benefited from the rebound in the housing market. United Rentals will report Q1 earnings on Tuesday after the market's close. Analysts polled by Thomson Reuters see profit rising 33% to 48 cents a share.
Sinclair Broadcast Group (SBGI) trimmed a 17% gain to 13%. The TV station operator announced it would pay $373 million to buy Fisher Communications (FSCI). Based in Seattle, Fisher owns 20 TV stations in the Northwest. Fisher jumped 5%. Sinclair is well extended from a rebound off its 10-week moving average.
Toyota Motor (TM) gapped up and climbed nearly 4% to a record high. It's now 6% past a 106.10 buy point from a flat base cleared April 5. The automaker said Thursday that it will recall about 1.7 million vehicles due to airbag problems.
On the downside, Seagate Technology (STX) dropped 4% and fell under a 36.05 buy point from a cup-with-handle base. The stock has had a hard time making a sustained move despite breaking out in heavy trading March 26. An IDC report on weak PC sales is weighing on tech stocks.
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