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Today’s Stock Market Rally: JPMorgan Earnings

The major stock indexes snapped back in today’s stock market after two days of heavy selling. Blue-chip stock JPMorgan (JPM) reported earnings before the stock market open. Meanwhile, IBD 50 stock Netflix (NFLX) looked for support at a key level. (For updates on this story and other market coverage, visit the Stock Market Today.)





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The tech-heavy Nasdaq composite surged as much as 2.5% in early morning trade. The S&P 500 and the Dow Jones industrial average rose 1.6% and 1.3%, respectively.

Earnings: JPMorgan, Wells Fargo, Citigroup

Among companies reporting earnings, Dow stock JPMorgan reported better-than-expected earnings results early Friday, sparking a 2% advance. But the stock trimmed gains to about 1% in morning trade. The global investment bank is below its 50- and 200-day moving average lines.

Citigroup (C) is adding a handle to a saucer base, showing a 75.34 buy point, according to MarketSmith chart analysis. The stock moved up about 2% after the company reported strong bottom-line results; revenue was a bit light.

Wells Fargo (WFC) rebounded Friday despite missing bottom-line estimates. Shares climbed about 1% but are still near their 52-week lows amid a correction that spans back to January.

Tech Stocks Apple, Amazon Surge

The Nasdaq’s 2% advance prompted big gains among many technology stocks. Apple (AAPL) surged 3%, as the iPhone maker looked to retake the 50-day moving average line. The stock’s relative strength line is at a new high amid the stock market sell-off.

FANG stocks Amazon.com (AMZN) and Netflix advanced 4% and 5%, respectively. The e-commerce giant is about 13% off its 52-week high and below its 50-day line. Netflix is attempting to find support at its long-term 200-day moving average line.

Despite Friday’s big rallies, Amazon is still down almost 5% for the week, while Netflix is down 3%.

IBD 50 Stocks: Nvidia Soars

The top growth stocks were overwhelmingly positive early Friday amid the stock market rally. Match Group (MTCH) rallied 5% and is looking to find support at the 50-day line. The stock hit the 20%-25% profit-taking level in mid-September from a 48.75 buy point.

Meanwhile, graphics-chip Nvidia (NVDA) traded about 5% higher in morning trade. The stock is on pace to snap a six-day losing streak that saw the stock trigger a sell signal from a 269.30 flat-base buy point.

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