Stocks hauled modest gains out of the starting gate Tuesday as institutional investors awaited cues from the Fed.
The Nasdaq and the Dow Jones industrial average climbed 0.4%. The S&P 500 added 0.2%. Volume was down 13% for the Nasdaq and 24% lower on the NYSE compared with the same time Monday.
The stock market today opened with institutional traders paused amid the two-day Fed meeting under way. But stocks received mixed news from May housing reports, which showed improvement but fell short of some estimates. Additional May housing data are expected Thursday, when the National Association of Realtors releases existing-home sales numbers.
Infrared systems maker Flir Systems (FLIR) gapped up to a 6% gain in huge trade. The Wilsonville, Ore.-based company received an upgrade to strong buy from market perform from Raymond James. The brokerage has a 33 price target on the stock. Shares are trading just below a 27.26 buy point in a long flat base. But Flir has not been generating strong earnings growth.
Among leaders on the IBD 50 list, Proto Labs (PRLB) popped 2% in opening trade as it broke out above a 59.94 buy point in a flat base.
Valeant Pharmaceuticals (VRX) gained 3% in strong trade. The Canadian drugmaker announced late Monday that it would sell $1.75 billion in shares to help fund its $4.5 billion acquisition of Bausch & Lomb. Valeant is trading 11% below its May 28 high and 14% above a 76.66 buy point from a flat base.
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