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Indexes Close At New Highs, Dow Eyes 23,000 As Six Blue Chips Rally | Stock News & Stock Market Analysis

The Dow carried another new high through the closing bell on Monday, with Apple (AAPL) and JPMorgan (JPM) led the half-dozen blue chips striding to powerful gains during the session.

XAutoplay: On | OffThe Dow Jones industrial average ended 0.4% higher to ended just a fraction below the 23,000 mark, after just kissing the 22,000 level good-by in mid-September.   The Nasdaq chalked up a 0.3% gain, and the S&P 500 added 0.2%, each knocking off new highs of their own.

The session opened on positive footing after much stronger-than-expected producer price data out of China, and a forecast from a central bank governor for the economy’s growth to hit 7% in the second half of the year. Another boost before the starting bell came from the New York Federal Reserve, which reported its Empire State Manufacturing Survey spiking to 30.2 for October, up from 24.4 for September and trouncing outlooks for a decline.

The combination, along with a positive tone headed into the earnings reporting season, left Six Dow industrials names with gains of better than 1%. JPMorgan (JPM) clocked out with a 2% advance, and Goldman Sachs (GS) rose 1.5% ahead of its third quarter report, due out Tuesday morning.

Apple rumbled ahead 1.8%, after its recent move to a segmented revenue strategy earned it an upgrade, to overweight, from equal weight, from Keybanc. The price target held steady at 187. The gain put Apple shares back above their 10-week moving average as the stock continues to build the right side of a new base pattern. The stock also remains in a technical buy range above a 156.75 buy point from a prior base pattern.

Travelers (TRV) swung up 1.7% as the insurance sector in general booked a strong session. Travelers is working its way toward a 130.47 buy point in a cup base.

General Electric (GE) popped almost 2%, recovering a portion of last week’s 6% dive.  At the low end of the Dow, Pfizer and American ExpressAXP each dropped more than 1%.

The strong economic news out of China led to a blowout session for China-based names on the IBD 50 list, Jupai Holdings (JP) rocketed 12% higher, China Lodging Group (HTHT) swept ahead 6%, YYYY punched out a 4% gain and Tal Education (TAL) climbed more than 2%. All of the names were extended at the start of the session. Jupai has now gained 76% since the start of October.

Other China names also posted some strong gains. Baidu.com (BIDU) gained almost 4% in rising trade. JD.comJD gained 3%. Baidu is extended above a 252.09 buy point in a long-term base. JD.com is attempting to turn up the right side of a possible basing pattern.

Wynn Resorts (WYNN) jumped 3% in strong trade, moving it into a buy range on a rebound from support at its 10-week moving average. The stock was extended above a 139.76 buy point cleared in September.

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