Dow Jones Industrial Average Tops 19K; RUT Aims for Best Streak in 20 Years

3 Airlines Lifting Off; Plus, The Red-Hot Steel Stock With Bargain Options

Nov 22, 2016 at 12:07 PM
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The Dow Jones Industrial Average (DJIA) is higher, after briefly surmounting the critical 19,000 level for the first time ever, and the S&P 500 Index (SPX) and Nasdaq Composite (COMP) also touched new highs before retreating, as stocks steady ahead of the Thanksgiving holiday. The Russell 2000 Index (RUT), meanwhile, is extending its string of all-time highs, and is on pace for its longest winning streak in more than 20 years. Traders are digesting a nine-year high for existing home sales, which came in above analysts' expectations, as Donald Trump's administration sounds off about major potential policy changes, including backing out of the Trans-Pacific Partnership.

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Among the stocks with unusual volume at midday is discount retailer Dollar Tree, Inc. (NASDAQ:DLTR), after the company delivered earnings this morning. DLTR is currently up 10.1% at $90.25, with options crossing at six times their average intraday rate, as calls more than double puts 8,802 to 3,493.

Biotech Fate Therapeutics Inc (NASDAQ:FATE) is among the top performers on the Nasdaq today, currently trading 13.5% higher at $3.04, after announcing the company had entered into a private financing agreement worth about $57 million. FATE is still down 10% so far in 2016, but is on pace to close above its 320-day moving average -- a trendline that stopped its previous rally attempt in September.

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Cybersecurity stock Palo Alto Networks Inc (NYSE:PANW) is among the worst performers on the New York Stock Exchange (NYSE) today, currently down 13.5% at $139.28. The company reported an earnings miss last night and downwardly revised its current-quarter sales forecast, and has been met with a flurry of analyst backlash. The stock is currently down over 21% so far this year, and has landed itself a spot on today's short-sale restricted list.

The CBOE Volatility Index (VIX) is up 2.1%, or 0.3 point, at $12.69.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.34, with puts leading calls. At last check, SPY was down 0.1%, or 0.3 point, at $219.84.

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