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Stocks Take Tight Gains; Miner, Lab Tool Maker Retake Buy Points

Stock wrestled to narrow gains Wednesday, as economic news, earnings reports and a Federal Reserve release figured into the final result.

X  The Nasdaq led, closing up 0.2% despite Apple (AAPL), Facebook (FB) and Amazon.com (<strong>A</strong>MZN) ending in the red. The Dow Jones industrial average and S&P 500 each pulled off gains of 0.1%. Small caps logged another weak session, with the Russell 2000 closing with a slender decline.

Preliminary data showed volume higher on both the Nasdaq and the NYSE, vs. trade Tuesday.

The release of notes from the Fed's July meeting appeared to have little impact on trade. Indexes and financial stocks generally moved lower well ahead of the release and remained down after the document showed the Fed leaning toward a near-term change in strategy toward its balance sheet holdings.

Movers/Shakers: Freeport, KB Home, Tencent and Agilent

Ore miners and steel producers hammered out the day's best gains among industries, as mine shutdowns and an illegal aluminum crackdown in China drove metals prices higher. Copper miner Freeport McMoRan (FCX) jetted up 5%, while steelmaker Ryerson Holding (RYI) soared 8%. Southern Copper (SCCO) jumped 4%, retaking a 39.60 cup-base buy point.

Homebuilder stocks were positive, despite weaker-than-forecast housing starts and building permits data for July.   KB Home (KBH), Pulte Group (PHM) and Beazer Homes (BZH) each gained 2%.  It was the fourth straight gain for KB Home, as it climbs toward a 24.47 buy point in a flat base.

China-based stocks turned in a healthy day of trade, with Tencent Holdings (TCEHY) powering up 6% after second-quarter results easily outpaced expectations. The stock entered Wednesday's session extended after a five-week rally on the heels of a rebound from 10-week support in July.

China's Autohome (ATHM) topped the IBD 50 list with a 4% gain. IBD 50 peer Sina (SINA)rose 2%, clearing a 97.89 buy point in a flat base.

Agilent (A) knocked out a 4% gain, retaking in very strong trade a flat base buy point of 61.25. The maker of  research and diagnostic equipment reported late Tuesday its fiscal third-quarter results comfortably cleared analysts targets.

Urban Outfitters (URBN) scorched ahead 18% on earnings news, leading a modest rally among retail names. Target (TGT) gained 4%, also on earnings, and Dow Jones industrial average component Home Depot (HD) climbed more than 1% after an upgrade to outperform, from market perform, from Raymond James.

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