4:35 PM ET
President Trump's decision to suspend the U.S.' trade war with China and to resume talks resounded strongly on Wall Street Monday, especially among stocks with a China theme. But broad market indexes surrendered some of their early strong gains late in the day.....MUCH MORE
Among those posting big gains included Alibaba (BABA), Baozun (BZUN) and New Oriental Education (EDU), the latter two on the IBD 50 list of top growth stocks.
Trump's move let the bulls loose on the stock market today, but the bullish charge lost momentum.
The Dow Jones Industrial Average added 0.4%. Tech-heavy Nasdaq gained 1.1% as hot software names continued their tear, while the small-cap Russell 2000 Index rose 0.2%. The S&P 500 moved up 0.8%.
Volume was up, as big institutional investors returned to the market. NYSE trade rose nearly 13%, while Nasdaq turnover added 10%, preliminary data showed.
Among Chinese-related stocks benefitting from the trade war truce, online giant Alibaba gapped up 3.3%, blasting through the 50-day moving average line. The company's stock has been below the 50-day line since early May, and only began retesting it late last week. The company is in the midst of an eight-week consolidation.
Up nearly 5% in early trading, New Oriental Education eased in late trading, closing just 1.9% higher. It's now within pennies of its 98.09 buy point out of an eight-week cup.
E-commerce software solutions provider Baozun gapped up 7.5%. It is now extended past its 49.20 buy point after emerging from a six-week cup in June. But it is in buy range from an alternative entry at 52.14. Baozun, on IBD Leaderboard's Leaders Near A Buy Point list, carries a 99 Composite Rating from IBD....
Earlier at IBD:
