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Byline: CHRIS GESSEL
The Nasdaq let the rest of the market take the lead on Friday.
With Midwest manufacturing looking up, blue chips and big caps outperformed the Nasdaq, which is heavy on technology. The small-cap S&P 600 beat them all with a 1.9% rally.
Volume on the Nasdaq picked up nearly 5% to 2.3 billion shares, the second straight day above the 2 billion mark. Volume is coming on strong as Wall Street wakes up to the surging stock market.
Scores of leading stocks have broken out of bases during the past 11 weeks. A few will still pop up here and there. But most buying opportunities will appear as new leaders pull back to areas of support, such as 50-day moving averages, or break out of second-stage bases.
Trucker J.B. Hunt Transportation Services cleared a four-week consolidation. The stock jumped 2.09 to 37.04 in triple its normal trade. Profit growth accelerated to 115% in the latest quarter. Sales picked up 12%.
Discount retailer Fred's continued to break out of a nine-month base. The stock added 0.87 to 36.77, leaving it 6% above its pivot point.