Fueled by fresh optimism over U.S.-China trade talks, the major market indexes gapped up at the open and finished near session highs to cap the week with gains. The Dow Jones Industrial Average led as it staged a nice rebound off its 10-week moving average.
XOn Friday, the Dow Jones rallied more than 0.8%, or 211 points, to 25,928.68. The Nasdaq gained nearly 0.8% and the S&P 500 added 0.7%. Small caps lagged, with the Russell 2000 up 0.3%. Preliminary data showed volume nearly flat on the NYSE but higher on the Nasdaq vs. Thursday.
For the week, the Dow Jones rose 1.6%, the S&P 500 1.1% and the Nasdaq 1%. All but three Dow stocks advanced Friday, led by Caterpillar (CAT), UnitedHealth (UNH) and Boeing (BA).
Lyft's (LYFT) highly anticipated IPO dominated headlines early in the session. The stock priced above expectations at 72 a share and surged as much as 23% before paring gains to settle for an 11% pop.
China stocks rallied as the Shanghai Composite leapt 3.2%.
Among ETFs, iShares MSCI China (MCHI) gapped up and rose 1.9%, while iShares China Large-Cap (FXI) added 1% after finding support at its 50-day line earlier in the week. Xtrackers Harvest CSI 300 China A-Shares Fund (ASHR) and KraneShares CSI China Internet (KWEB) popped a respective 3.4% and 3.1%.
China Stocks Lead IBD 50
Over in the IBD 50, Autohome (ATHM) led the IBD 50, soaring 14% to an eight-month high in fast turnover. Shares broke out past a 96.25 buy point of a cup with handle that sits inside a larger pattern. The China-based online automotive content provider was added to Leaderboard on Friday.
Fellow China stock New Oriental Education (EDU), up 5% to an eight-month high, was also a big IBD 50 winner. The stock is now slightly extended from an 85.04 buy point of a long, steep cup with handle.
Among other IBD 50 stocks, Atlassian (TEAM), PRA Health Sciences (PRAH) and Veeva Systems (VEEV) each rose 2% or more.
The Innovator IBD 50 ETF (FFTY) climbed 0.6% to retake its 200-day line in the stock market today.
Please follow Gondo on Twitter at @IBD_NGondo for more on growth stocks, ETFs and how to invest in CAN SLIM-quality market leaders.
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