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S&P 500 Retakes 50-Day Line; Sell-Off? What Sell-Off?

X The S&P 500 jumped above its 50-day moving average Friday and held a solid gain as major stock indexes looked poised to end the week on a positive note.

The benchmark index was up 1% in afternoon trading, with the Dow Jones industrial average up 0.9% and the Nasdaq composite up 0.8%. Volume on the NYSE and Nasdaq was tracking slightly lower than Thursday's levels.

In the stock market today, China stocks outperformed in the IBD 50 again. Alibaba (BABA) gapped up to an all-time high after Thursday's bullish upside reversal. Shares rose another 3% but it's extended in price after a breakout in February over a 104.67 buy point. Wall Street initially didn't like the look of an earnings miss from Alibaba on Thursday, but the stock reversed a 5.6% intraday loss for a closing gain of 0.5%.

Other China names in the IBD 50 outperformed, including Momo (MOMO), New Oriental Education (EDU) and Autohome (ATHM).

Elsewhere, Deere & Co. (DE) was a strong mover, up nearly 8%, after the company handily beat earnings and sales estimates and gave bullish guidance. Headed into earnings, Deere was still in buy range from a 112.28 buy point. Shares gapped up Friday, but aggressive traders could've used the stock's open price of 120.37 as an entry.

Salesforce.com (CRM) reported another quarter of solid growth, but the stock reversed lower after rising 3.7% intraday. Shares fell 0.3%.

Chilean firm Sociedad Quimica (SQM) gapped above its 50-day moving average as it works on a flat base with a 37.34 buy point. Shares rose nearly 4% to 35.80.

The 10-year Treasury yield added 2 basis points to 2.25%, while benchmark crude oil for June delivery settled at a four-week high, rising 2% to $50.33 a barrel.

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