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Stock Market Rally Faces Key Test With Looming Fed Rate Decision

The stock market rally was mixed early Wednesday ahead of today's looming Federal Reserve interest rate decision. The Dow Jones industrials gained about 50 points. Dow Jones stocks Apple (AAPL) and Disney (DIS) were in  motion on the blue chip index. Elsewhere, Adobe (ADBE) neared a potential breakout on earnings. Check out today's IBD Investing Action Plan for major stock market events, including the Federal Reserve's interest rate decision. (For more market updates today, visit the current stock market.)

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Current Stock Market Rally

The tech-heavy Nasdaq composite edged lower. The S&P 500 inched up less than 0.1%, while the Dow Jones Industrial Average moved up 0.1%. Year to date, the Nasdaq is up about 20%. The S&P 500 has gained about 16%, while the Dow Jones has moved up about 14%.

Amid the recent stock market rally, all three major stock indexes regained their long-term 200-day lines. Meanwhile, the Nasdaq regained its 50-day moving average line Tuesday.

Among exchange traded funds, Innovator IBD 50 ETF (FFTY) moved down 0.1%. The ETF is now solidly above its 50-day line.

Dow Jones Stocks In Motion

Among the Dow Jones stocks, Apple stock edged lower amid a Nikkei report that Apple was considering shifting 15% to 30% of production out of China. Apple shares are tracing a giant cup with handle with a 215.41 buy point. On Tuesday, the stock bullishly regained its 50-day line.

Disney stock, meanwhile, gained 0.3%, as it looks to snap a three-day losing streak. Shares climbed above a 142.47 entry in a flat base last week, but have been turned away two separate times. The media giant is an IBD Leaderboard stock idea amid the continued strength.

Stock Market Earnings: Adobe, Winnebago Gain

Software giant Adobe beat the Street's Q2 targets late Tuesday, sending shares nearly 4% higher in morning trade. The software stock is nearing a breakout past a 291.81 buy point in a flat base. According to the IBD Stock Checkup, Adobe stock displays a 96 out of a highest-possible 99 IBD Composite Rating. The Composite Rating is a blend of key fundamental and technical metrics to help investors gauge the strengths of a company's stock.

Winnebago Industries (WGO), meanwhile, reversed from early losses to rise almost 3% after its weaker-than-expected fiscal Q3 results early Wednesday. Shares of the RV maker eased to test their recent 37.03 buy point of a cup base, according to MarketSmith chart analysis.

Top Stocks To Watch: Baozun Shapes Bullish Base

Among the IBD 50 top growth stocks, Chinese stock Baozon (BZUN) gained about 0.3%, as it nears a 49.20 buy point in a cup base. The stock was featured in Tuesday's IBD 50 Stocks To Watch.

According to IBD Stock Checkup, Baozun stock has a 98 out of a highest-possible 99 IBD Composite Rating.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the stock market.

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