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Dow Nails 11th Straight On Late Rally; Apple, Nvidia Score Upside Reversals

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Stocks staged a late rally Friday to lift the major market indexes to a positive finish. The Dow Jones industrial average extended its win streak to 11.

The Nasdaq led with a 0.2% advance, the S&P 500 added 0.1% and the Dow eked out a fractional gain. Small caps underpeformed with the Russell 2000 slipping 0.1%. Volume was lighter across the board vs. Thursday, according to preliminary numbers.

Oil, banks and gold miners led the downside in the stock market today, while department stores, apparel retailers and heavy construction stocks outperformed. West Texas intermediate crude futures slid nearly 1% to $54.03 a barrel.

Wal-Mart (WMT) and Johnson & Johnson (JNJ) were the Dow's biggest winners, rising 1.5% apiece. Financials and energy lagged with Goldman Sachs (GS), JPMorgan (JPM), Chevron (CVX) and Exxon Mobil (XOM) each down nearly 1% or more.

Apple (AAPL) fell nearly 1% early but pared its losses to close 0.1% higher. The iPhone maker's shares have rallied 16% since breaking out from a cup-with-handle buy point early last month with a 118.12 buy point.

Nvidia (NVDA) also staged an upside reversal, gaining nearly 1%, after slumping as much as 5% early. Shares plunged 9% Thursday after several analysts cut their ratings and price targets, saying the graphics chipmaker was overvalued. But Mizuho Securities and UBS reiterated their buy ratings and called the pullback a buying opportunity.

Universal Display (OLED) surged 20% to an all-time high after the company reported Q4 results that beat forecasts and initiated a dividend of 3 cents a share. Shares are now more than 20% extended from a 67.98 handle buy point, in profit-taking range.

Nordstrom (JWN) popped 6% to reclaim its 50-day line in fast trade after announcing mixed Q4 results and weak earnings guidance after the close Thursday. The department store retailer shrugged off a price target cut from Telsey Advisory Group to 50 from 52.

On the downside, Acacia Communications (ACIA) gapped down 15% to a seven-month low as it continues its descent from a September peak. Needham lowered its price target to 100 from 125. The fiber optics products maker's Q4 results topped views, but its Q1 earnings outlook disappointed.

Mobileye (MBLY), down more than 2% in heavy volume, was one of the IBD 50's biggest losers. No sell signals were triggered; the stock is just 8% below its 52-week high. Shares slipped back into a buy range from a 45.03 handle entry. Short-seller Citron Research gave the driver assistance technology company, which on Wednesday beat Q4 earnings and sales estimates, a 35 price target.

Economic data on tap for Monday include durable goods orders and the pending home sales index, both for January. The Fed's Robert Kaplan is also slated to speak.

Oil producer EOG Resources (EOG), Priceline (PCLN) and Workday (WDAY) are among companies scheduled to report quarterly earnings Monday.

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