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Major Stock Indexes Hit Record Highs On China Trade Optimism; Apple Hits Profit Zone

The major stock indexes closed at record highs Friday amid rising optimism for a U.S.-China trade deal. The Dow Jones industrials ended the session with a 222-point gain in today's stock market, crossing the 28,000 level for the first time.

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Among the Dow Jones stocks, UnitedHealth (UNH) was the top performer with a more than 5% advance. Meanwhile, Dow Jones leader Apple (AAPL) hit a new high and reached a potential profit-taking level. Disney (DIS) and Walmart (WMT) both fell sharply for a second straight day. Outside of the Dow Jones industrials, Datadog (DDOG) and RH (RH) made bullish moves this week.

For a recap of this week's action, check out IBD's Weekly Review. Meanwhile, check out next week's IBD Investing Action Plan for important stock market events, like the debut of Tesla's (TSLA) electric pickup truck.

Dow Jones Hits Record High In Current Stock Market Rally

The Nasdaq composite gained 0.7% Friday. The S&P 500 and Dow Jones industrials rose 0.8% apiece.

All three major indexes hit record highs Friday. Year to date, the Nasdaq composite is up about 28%. The S&P 500 has gained about 24%, while the Dow Jones Industrial Average has climbed about 19%.

Among exchange traded funds, Innovator IBD 50 ETF  (FFTY) outperformed with a 1.4% advance, extending a win streak to seven trading sessions. The ETF of top growth stocks reached its highest level since early August.

Dow Jones Stocks: Apple Hits Profit Zone

Among the Dow Jones stocks, UnitedHealth surged 5.3% to break out above a 268.79 buy point in a cup base. Meanwhile, Apple stock hit new highs, rising more than 1%. Apple shares reached the 20%-25% profit-taking level from a 221.47 buy point in a flat base, according to MarketSmith chart analysis.

Elsewhere in the Dow Jones Industrial Average, Disney and Walmart fell 1.7% and 1.5%, respectively. Disney stock fell further below a 147.25 buy point after Wednesday's strong breakout. Disney stock was featured as Tuesday's IBD Stock Of The Day.

Walmart is testing its 50-day line after two days of heavy selling. Shares reversed lower Thursday after gaining as much as 3.6% in the wake of its strong earnings results.

Today's Breakout Stocks Include This Hot IPO Stock

Among today's breakout stocks, AudioCodes (AUDC) surged above a 22.30 buy point in a cup with handle. Shares gained 6.5% Friday.

Meanwhile, IPO stock Datadog reversed lower with a 1.8% decline. At its 42.96 peak price, shares rose as much as 3.8%. Datadog stock tried to break out past a 41.54 buy point in a cup base after strong earnings results this week.

Friday's IBD Stock Of The Day RH triggered a buy signal after Warren Buffett's Berkshire Hathaway (BRKB) disclosed a $206 million stake in the retailer. RH shares rebounded in strong volume from their 50-day support level. The retail stock closed with a 7.6% gain.

Top Stocks To Watch: Global Payments

Among the top stocks to watch, Global Payments (GPN) is trading in buy range after Thursday's breakout above a 174.21 entry in a cup with handle. Shares rallied 1% Friday.

According to IBD Stock Checkup, Global Payments stock has a 98 out of a best-possible 99 IBD Composite Rating. Investors can use the Composite Rating as an easy gauge of a stock's fundamental and technical metrics.

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

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