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Dow Jones Industrial Average Explores Record Highs; COMP Aims for 10th Straight Win

Fed Chair Janet Yellen kicked off a two-day stint on Capitol Hill

Feb 24, 2015 at 12:04 PM
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The bullish stars are once again aligning for the Dow Jones Industrial Average (INDEXDJX:DJI). Blue chip Home Depot Inc (NYSE:HD) is enjoying a post-earnings rally to record highs, while fellow component JPMorgan Chase & Co. (NYSE:JPM) isn't far behind, thanks to celebrated investor day news. Meanwhile, eurozone finance ministers gave the green light to Greece's reform proposals -- submitted with Cinderella timing -- and Fed Chair Janet Yellen's testimony before Congress has been well-received thus far. The central banker essentially stressed the unimportance of semantics -- specifically, how the eventual removal of "patient" from the Fed's policy statement will not mean a rate hike will ensue in the next couple of months -- and that decisions will be made based on economic data, especially inflation. Against this backdrop, the Dow, S&P 500 Index (SPX), and Nasdaq Composite (COMP) are once again exploring new highs, with the latter on pace for a 10th straight daily win.

Continue reading for more on today's market -- and don't miss:

Midday Market Stats

Among the stocks with notable call volume is home improvement retailer HD, with the contracts being picked up at a pace eight times what's normally seen at this point in the session. Nine of the equity's 10 most popular contracts expire at the end of this week, with the weekly 2/27 116-strike call leading the way. In the wake of another well-received earnings showing, HD was last seen 3.2% higher at $115.87, and earlier touched an all-time high of $117.92.

For more midday statistics and stocks on the move, head to page 2.

Energy name Canadian Solar Inc. (NASDAQ:CSIQ) is one of the biggest gainers on the Nasdaq. The security -- last seen 8% higher at $30.77 -- is getting a halo lift from the latest buzz surrounding sector peers First Solar, Inc. (NASDAQ:FSLR) and SunPower Corporation (NASDAQ:SPWR). Even before today, the shares of CSIQ had added 17.7% year-to-date, but are approaching a familiar speed bump in the $32 region, which stifled the equity's fourth-quarter rally attempts.

Daily Chart of CSIQ Since Feb. 28, 2014

Molecular diagnostics company EXACT Sciences Corporation (NASDAQ:EXAS) is one of the biggest losers on the Nasdaq. The shares have dropped 13.5% to land at $20.95, as traders pan the company's turn in the earnings spotlight. This likely pleases the equity's bearish traders. Specifically, about one-third of EXAS' float is sold short, representing over four weeks' worth of trading, at average daily volume.

The CBOE Volatility Index (VIX) is down 0.4 point, or 3%, at 14.12, and could end a third straight day beneath its 200-day trendline.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.06, with puts more than doubling calls. SPY is up 0.4 point, or 0.2%, at $211.59.

 

AI has exploded ever since ChatGPT set the world on fire near the end of 2022.

Numerous companies with connections to artificial intelligence have seen their stocks soar.

That includes Nvidia, the poster boy of AI.

Its stock has skyrocketed 716% since ChatGPT’s debut. But here’s the thing …

While everyone’s still counting their money from this first AI boom … Nvidia and countless others have moved on to the next stage.

That includes Big Tech, which is currently making a series of peculiar investments in a few strange companies. This has nothing to do with tech. At least on the surface …

Yet, these strange investments could be the early ripples of a massive wave …Without them, ChatGPT could stop operating … Amazon, Google, Microsoft and more could see profits drop drastically.

In fact, Elon Musk says these investments are critical when it comes to solving the number one problem facing AI.

Now, Silicon Valley legend Michael Robinson has identified two companies that could play a significant role in the solution.

Their stocks just may be the key to AI 2.0.

Find out more about these two companies today.
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