The DJIA, SPX, and COMP all snagged a new highs earlier
The Dow Jones Industrial Average (DJIA) tagged its latest in a string of record highs earlier, last seen trading up triple digits. Stocks are still booming following last week's tax plan announcement from President Donald Trump, who has also eased some foreign policy worries after speaking with leaders from China and Japan. Even a sell-off in crude oil isn't dampening optimism, with March-dated crude last seen 1.7% lower at $52.95 per barrel. Notably, the S&P 500 Index (SPX) -- which hit its own all-time peak -- has surpassed the $20 trillion market cap for the first time ever, while the tech-heavy Nasdaq Composite (COMP) also notched a new intraday high. Meanwhile, the CBOE Volatility Index (VIX) is on the rise, perhaps amid a spike in short covering.
Continue reading for more on today's market -- and don't miss:
- 2 Dow stocks soaring on bullish analyst attention.
- An SEC investigation has sent this food stock to a three-year low.
- Plus, AK Steel options traders target double digits, the popping potash producer, and SunPower slumps ahead of earnings.
Among the stocks with unusual options volume at midday is steel issue AK Steel Holding Corporation (NYSE:AKS). The shares are shaking off a downgrade from the brokerage bunch -- up 0.2% at $8.41 -- and AKS calls are changing hands at twice the average intraday rate, with 26,000 contracts traded. The March 10 call is attracting the most attention so far, with nearly 14,000 contracts on the tape. It looks like some traders may be purchasing new positions here, betting on AKS to rally above the round $10 mark by expiration at the close on Friday, March 17.
Intrepid Potash, Inc. (NYSE:IPI) is one of the biggest advancers on the New York Stock Exchange, with the stock trading up 14% at $2.24 -- and erasing its year-to-date deficit. Boosting shares of the potash producer is a price-target hike to $2.00 from $1.15 at UBS.
Among the worst performers on the Nasdaq at midday is solar energy stock SunPower Corporation (NASDAQ:SPWR), down 1.8% at $7.03. The shares have been sliding over the past year, with the overhead 80-day moving average causing frequent trouble. The company is gearing up to report earnings after Wednesday's close, and short sellers are likely hoping SPWR continues its journey lower.
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