Stocks are trading at record levels as the fourth quarter gets underway
As Wall Street continues to monitor the fallout surrounding the deadly shooting in Las Vegas, stocks are starting the fourth quarter off bullishly. The Dow Jones Industrial Average (DJIA), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) have each touched an all-time high today, carrying over their momentum from the third quarter. As such, the SPX is extending its lead above the crucial 2,500 level, while the Nasdaq has taken out the 6,500 price point. Helping boost the risk-on backdrop is upbeat economic data, as the Institute for Supply Management's (ISM) manufacturing index touched a 13-year high last month, and construction spending rose in August.
Continue reading for more on today's market, including:
- The moving average that could guide Nvidia stock to record highs.
- Analyst: Activision Blizzard stock could double in value.
- Plus, the tech stock rising on M&A buzz; an industrial stock popping on a major court ruling; and the biotech at the bottom of the S&P.
Among the stocks with unusual options volume is technology concern Synchronoss Technologies, Inc. (NASDAQ:SNCR). The tech stock sports over 8,000 call options traded, already hitting their highest percentile of its annual range, and 38 times the average intraday volume. The October 12.50 call is the most popular with nearly 5,200 contracts exchanged. At last glance, SNCR was trading up 18% at $11.00, amid revived buyout hopes.
One of the top stocks on the New York Stock Exchange (NYSE) today is Trinity Industries Inc (NYSE:TRN). The shares are up 10.2% at $35.16 -- and earlier touched a two-year high of $35.97 -- after a U.S. appellate court ruled the company did not commit fraud. TRN stock is now up 27% year-to-date, and has more than doubled since its February 2016 low.
The worst performer on the Big Board today is biotech Biohaven Pharmaceutical Holding Co Ltd (NYSE:BHVN). The shares are down 9.8% at $33.60, after the company's spinocerebellar ataxia treatment failed to meet the goals of a mid-stage study. The stock -- which went public in May -- peaked at $39.20 on Sept. 20, but still remains nearly 100% above its IPO price of $17.
