Dow Up Triple Digits; Nasdaq Set to Snap Losing Streak

Tech stocks have the COMP higher for the first day in four

Managing Editor
Aug 22, 2017 at 12:07 PM
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The Dow Jones Industrial Average (DJIA) is enjoying a triple-digit lead at midday, with Boeing providing a big boost after receiving a contract from the U.S. Air Force, and defense stocks surging on President Donald Trump's new strategy for Afghanistan. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) are also higher, with the former on track to snap its three-day losing streak thanks to a surge in tech stocks. With the U.S. stock market in rally mode today, the CBOE Volatility Index (VIX) -- Wall Street's "fear gauge" -- has plunged 11.8%, but is holding above the key 11.25 level.

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

  • Analyst: Buy this oil stock at current levels.
  • More highs could be on the horizon for Carnival stock.
  • Plus, Blue Apron options trader eyes a big swing; DSW's best day ever; and a copper stock continues to sparkle.

Midday Market Stats August 22


Among the stocks with unusual options volume is meal supplier Blue Apron Holdings Inc (NYSE:APRN), with roughly 21,300 options traded -- five times the average intraday pace, and pacing in the 100th annual range. Most of the action centers around huge 10,000-contract blocks of October 8 calls and puts, where it looks like a possible long straddle was initiated to bet on a big move in the next few months. APRN stock is currently down 1.5% to trade at $5.16, extending its post-earnings slide.

DSW Inc. (NYSE:DSW) is up a whopping 21.9% at $19.12 -- tracking for its best day ever, and near the top of the New York Stock Exchange (NYSE). The unexpected boost is being fueled by better-than-expected second-quarter earnings and revenue, as well as a round of bullish brokerage note. The rally today has the shares, which touched a nearly seven-year low of $15.14 yesterday, closing in on their 180-day moving average, which has held DSW at bay since last December.

Midday Market Chart DSW August 22

Mining stock Freeport-McMoRan Inc (NYSE:FCX) is among the best stocks on the SPX, up 2.7% to trade at $15.14. The boost extends yesterday's surge, following news limited access to its Grasberg copper mine has resumed. FCX shares are at a six-month high, and have gained ground recently thanks to rising copper prices.

 

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