The Dow carried another new high through the closing bell on Monday. Apple (AAPL) and JPMorgan (JPM) led the half-dozen blue chips striding to powerful gains during the session.
The Dow Jones industrial average ended 0.4% higher to end just a fraction below the 23,000 mark; it just passed 22,000 in mid-September. The Nasdaq chalked up a 0.3% gain, and the S&P 500 added 0.2%, each knocking off new highs of their own.
The session opened on positive footing after much stronger-than-expected producer price data out of China and a forecast from a central bank governor for the economy’s growth to hit 7% in the second half of the year. Another boost before the starting bell came from the New York Federal Reserve, which reported its Empire State Manufacturing Survey spiking to 30.2 for October, up from 24.4 for September and trouncing outlooks for a decline.
The combination, along with a positive tone headed into the earnings reporting season, left Six Dow industrials names with gains of better than 1%. JPMorgan (JPM) clocked out with a 2% advance, and Goldman Sachs (GS) rose 1.5% ahead of its third quarter report, due out Tuesday morning.
Apple rumbled ahead 1.8%, after its recent move to a segmented revenue strategy earned it an upgrade, to overweight, from equal weight, from Keybanc. The price target held steady at 187. The gain put Apple shares back above their 10-week moving average as the stock continues to build the right side of a new base pattern. The stock also remains in a technical buy range above a 156.75 buy point from a prior base pattern.