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Nasdaq Has Best Week Of 2017; These IBD 50 Stocks Pop

Stocks wrapped up the summer with another win Friday, leaving the Nasdaq sitting atop its best weekly run since early December, but still short of a record high.

X The Dow Jones industrial average rose not quite 0.2%, ending back below the 22,000 mark after retaking the level in intraday trade. The S&P 500 also added 0.2%. The two indexes closed up 0.8% and 1.4%, respectively, for the week. The Nasdaq eked up 0.1% Friday, enough to ace a 2.7% advance for the week.

The market headed into the holiday weekend with a complex mash-up of reactions to a disappointing August payrolls report, quarterly earnings news, the roll out of impact from flooding in Texas and technical factors providing both push and pull as stocks first ran higher, then pulled away from intraday highs.

General Electric (GE) dominated the Dow with a 2.4% advance for its first weekly gain in three weeks as the stock begins to shape a bottom after an eight-month decline. Chevron (CVX) was next in line with a 1.1% gain, and oil- and gas-related names took four of the five top finishing slots among S&P 500 stocks.

Oil and gas drillers posted Friday's strongest advance among the 197 industry groups tracked by IBD. For the week, cement makers and biotechs posted the widest industry group gains.

China stocks filibustered the IBD 50 list, with Sina (SINA) up 5%, New Oriental Education & Tehcnology (EDU) rising 3% and Autohome (ATHM), China Lodging Group (HTHT) and Tal Education (TAL) each posting 2% gains.

A wild day on the earnings calendar saw Ambarella (AMBA) and Tech Data (TECD) both drop more than 20% on disappointing quarterly results.


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Lululemon Athletica (LULU) pulled up 7% after a surprise second-quarter beat reported late Thursday. Shares  are up 30% from an early June low.

Palo Alto Networks (PANW) punched up 11% in big trade to break out past a 144 buy point. The security software developer received multiple price target increases from analysts after fiscal fourth-quarter results swept past analyst targets.

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