Dow Looks To Extend Hot Streak

President Trump threatened to 'totally destroy' North Korea if the U.S. or its allies are provoked

Managing Editor
Sep 19, 2017 at 12:11 PM
facebook twitter linkedin

The Dow Jones Industrial Average (DJIA) is higher at midday, set to extend its winning streak to eight sessions -- the longest since early August -- while already setting another intraday record. The Dow is on track for its sixth straight record close, as the two-day Fed meeting gets underway. The central bank isn't expected to lift interest rates until December, but could detail plans to unwind its massive balance sheet. Among specific stocks, Verizon Communications is the top Dow performer, as telecom stocks rally amid merger speculation, and financial stocks are also higher.

The S&P 500 Index (SPX) and Nasdaq Composite (COMP) are both trading slightly higher, but are still a chip-shot away from their own intraday records. Elsewhere, the CBOE Volatility Index (VIX) -- Wall Street's "fear gauge" -- briefly fell below the key 10 level, even after President Trump told the U.N. General Assembly that the U.S. would be forced to "totally destroy" North Korea if forced to defend itself or its allies. 

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

  • What the biggest bear exodus in years means for stocks.
  • Behind this week's Chipotle stock sell-off.
  • Plus, call buying heats up amid telecom merger rumors; the insurance stock on the mend; and Best Buy stock gutted.

Midday Market Stats Sept 19

Among the stocks with unusual options volume is telecommunications Sprint Corp (NYSE:S), with 40,000 options traded -- 10 times the average intraday volume, and pacing for the highest percentile of its annual range. The October and November 9 call are attracting notable attention, with over 23,000 contracts exchanged between the two. S stock is up 8% to trade at $8.30, as rumors of a possible merger with T-Mobile emerge.

Progressive Corp (NYSE:PGR) is up 3.4% at $47.86, among the best stocks on the S&P 500 today, after the insurance company reported financial results for August. PGR has added over 53% in the past 52 weeks, and is set to topple its 20-day moving average for the first time since late August -- when Progressive was flirting with record highs, and before a slew of hurricane headwinds.

Best Buy Co Inc (NYSE:BBY) is among the losers on the New York Stock Exchange (NYSE) today, down 9.5% at $51.91, after CEO Hubert Joly said the company's strong second quarter won't necessarily translate into a solid holiday quarter. In addition, Best Buy offered weaker-than-expected guidance for 2021. BBY stock has lost 18% since tagging a record high on Aug. 24, and the shares could end below their 160-day moving average for the first time in a year.

Midday Market Chart BBY Sept 19


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



Special Offers from Schaeffer's Trading Partners