COOK - Hot Stocks: Cannabis rally; steel shares hit highs; NVDA leads chip stocks higher; COOK KBH fall

The major averages posted notable gains on Thursday, bouncing back from a bout of profit-taking in the previous session and consolidating the gains recorded during a recent recovery. The Nasdaq led the advance, climbing by 1.9%. Semiconductor stocks helped lead the market higher. Nvidia (NASDAQ:NVDA) paced the big players in the sector, with Intel (NASDAQ:INTC) and AMD (AMD) also staging advances. Steel stocks were among the winners as well. With the gains, Cleveland-Cliffs (CLF), Nucor (NUE) and U.S. Steel (X) all set new 52-week highs. Thursday's rally also included the cannabis sector, which spiked on word that the U.S. House of Representatives will consider federal legalization. Tilray (TLRY), Canopy Growth (CGC), Aurora Cannabis (ACB) and Cronos (CRON) all benefited from the news. Looking to the downside, shares of Traeger (COOK) endured a steep decline, as a weak outlook prompted a double-digit percentage slide. Earnings news also weighed on KB Home

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Hot Stocks: Cannabis rally; steel shares hit highs; NVDA leads chip stocks higher; COOK, KBH fall