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Stock Market Today: Dow, S&P 500 Record Highs; Bank Stocks Surge, Tech Leaders Reverse Lower | Stock News & Stock Market Analysis

The major market averages were sharply mixed in morning trade Monday amid renewed momentum from tax reform. The Dow Jones industrial average advanced 1.2%, while the S&P 500 moved up 0.7%. The tech-heavy Nasdaq turned red, falling 0.1%.

X Among the Dow Jones Industrial components, global investment banks JPMorgan (JPM) and Goldman Sachs (GS) advanced over 2% and 0.7%, respectively. Shares of JPMorgan are about 12% above a 95.32 flat-base entry, while Goldman was about 1% above a 247.18 saucer-with-handle buy point. Both stocks found support at their 50-day lines last week.

Among other top financial stocks, Morgan Stanley (MS) rose 2%, while Bank of America (BAC) jumped over 3%. Both stocks are extended from their recent buy points after successful tests of the 50-day line.

FANG stocks gave back all of their gains in early trading Monday in the stock market today, as tech stocks tried to recover from last week’s sell-off. Netflix (NFLX) reversed lower to decline 2% despite analyst firm Monness Crespi Hardt initiating coverage on the video streaming firm with a buy rating and a 250 price target — an almost-34% premium to Friday’s closing price. Shares are below their 190.05 cup-with-handle entry and 50-day line.

Aetna (AET) rose almost 2% after it was announced that CVS Health (CVS) will pay $207 per share for the health insurer. Shares of Aetna were above 12% above a 164.62 flat-base entry. Meanwhile, shares of the pharmacy store dropped 3% to fall back below its 50-day line. The stock is still trying to form a base amid its over two-year long downtrend.

Top video game stock Take-Two Interactive Software (TTWO) sold off 6% to fall significantly below its 50-day line for the first time since a breakout above a 80.64 cup-shaped base entry.

Within the IBD 50, China-based leaders were sharply mixed. YY (YY) jumped nearly 2%, but Alibaba (BABA) declined over 3%. The e-commerce giant was on pace to extend a losing streak to six days that has seen the stock fall over 12%. Shares fell further below their 10-week line after last week’s stumble — their first close below that level since a Feb. 22 cup-with-handle breakout.

Leading chip stocks continued to see selling pressure. Graphics-chip maker Nvidia (NVDA) lost its fight for support at its 50-day line. Shares plunged 5% early Monday.

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