Dow Jones Industrial Average Reverses Higher as Apple, Bank Stocks Rally

Job openings hit a record high in June

Managing Editor
Aug 8, 2017 at 12:02 PM
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The Dow Jones Industrial Average (DJIA) started the session in the red, but has since turned higher and notched a 10th straight record high. The blue-chip index is aiming for its 11th straight daily win -- its second-longest winning streak in over a year -- led by a rally in Apple and bank stocks. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) are also higher, with the SPX grabbing a record high of its own. Outside of the latest batch of earnings, traders are digesting the Labor Department's Job Openings and Labor Turnover Survey (JOLTS), which reported a record number of job openings for June. 

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

  • Schaeffer's founder and CEO Bernie Schaeffer on the big millennium level no one's talking about.
  • Short sellers are flocking to this social media stock.
  • Plus, HZNP option bears emerge; KORS' furious recovery; and a turbulent day for Wayfair stock.

Midday Market Stats Aug 8


Among the stocks with unusual volume is drug stock Horizon Pharma PLC (NASDAQ:HZNP), with roughly 7,200 puts traded. That is 29 times the average intraday pace, and on track for the 99th percentile of its annual range. The August 14 put is by far the most active, accounting for 7,000 contracts. HZNP stock is currently down 2.3% to trade at $12.99, taking a breather after yesterday's well-received earnings report.

 

Michael Kors Holdings Ltd (NYSE:KORS) stock is trading near the top of the NYSE, up 20% at $44.50, after the retailer lifted its revenue forecast. The boost today takes the shares roaring past their 200-day moving average for the first time since December 2016. 

E-commerce concern Wayfair Inc (NYSE:W) is trading near the bottom of the NYSE today, down 7.9% at $73.95 after earnings. The drop today sends W stock careening towards its 50-day moving average, which hasn't been breached on a daily closing basis since March. 

Midday Market Chart W Aug 8

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