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Dow Jones Reverses Higher Thanks To Apple And These 7 Other Dow Stocks

Stocks today were quiet ahead of the Fed's two-day monetary policy meeting, but the Dow Jones Industrial Average staged an upside reversal to close near its session high.

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The Dow Jones Industrial Average rose nearly 0.3%. The S&P 500 and Nasdaq rallied 0.3% to 0.4%. Small caps outperformed with the Russell 2000 up 0.7%. Volume was lighter on the NYSE and Nasdaq vs. Friday, when trading spiked due to options expiration.

Goldman Sachs (GS) led the Dow Jones with a 2.1% advance. The stock has been consolidating between its 50-day and 200-day moving average lines the past two months. It remains 24% off its 52-week high.

Other blue chips rising 1% or more included UnitedHealth Group (UNH), Microsoft (MSFT), Exxon Mobil (XOM), Nike (NKE), Caterpillar (CAT) and Walmart (WMT). Microsoft struck a new high as it extends its win streak for a seventh session. It's still in potential buy range from a 113.35 handle entry.

Apple Boosts Dow Jones Too

Apple (AAPL) also stretched its winning streak to seven with a 1% gain. Shares are 1% away from reclaiming the 200-day line. The iPhone maker's stock is shaping the right side of a base with a steep 39% correction. It's 19% off an early October high.

Generic drug, oil and internet stocks led the upside among sector gainers. But automakers, gold miners and media stocks were among the biggest losers.

Essent Group (ESNT), up 5.4%, was the biggest mover in the IBD 50. Shares surged past a 45.16 buy point of a double-bottom with handle base in heavy volume. They remain in the 5% chase zone from the entry. The mortgage insurer, which earns a highest-possible 99 Composite Rating, was featured in today's IBD 50 Stocks to Watch. It was also added to Swing Trader early Monday.

Top Chinese Stock Reports Results Tuesday

Also in the IBD 50, Tencent Music Entertainment (TME) surged more than 4% to a new high in above-average trade, ahead of its earnings on Tuesday after the close. Analysts expect the China IPO to earn 8 cents a share on $770 million in revenue. The Dec. 12 new issue is well extended from a 14.85 buy point of an IPO base.

Chinese education provider New Oriental Education (EDU) added 2.5%.

Oil stocks got a lift as West Texas intermediate crude prices rose 0.7% to $58.94 a barrel. That boosted energy ETFs: VanEck Vectors Oil Services (OIH) surged 3.2%, SPDR S&P Oil & Gas Exploration & Production (XOP) leapt 2.4% and iShares U.S. Energy (IYE) rose 1.5%. All three ETFs are moving up from late December lows but remain well off their 52-week highs.

The Innovator IBD 50 ETF (FFTY) edged 0.3% higher in the stock market today.

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