Financial stocks are surging today
Another strong round of corporate earnings helped lift the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) to record highs this morning. While the latter two have since erased these earlier gains, the Dow is holding higher thanks to a rally in financial stocks -- with Goldman Sachs (GS) and JPMorgan Chase (JPM) some of the best performing blue chips so far. Gold and oil futures are up, too, following Treasury Secretary Steve Mnuchin's comments favoring a weaker U.S. dollar. In fact, the greenback earlier traded at its lowest point since 2014 against a basket of currency peers.
Continue reading for more on today's market, including:
Yesterday we noted unusual call activity on experiential vacation provider ILG Inc (NASDAQ:ILG), and it's happening again today. More than 28,000 calls have traded so far, compared to an average daily volume of 884. Most active by far is the March 32 call, where new positions are being opened, possibly as part of a call ratio spread with the March 30 strike. Shares of ILG are up 3.2% today at $30.71, earlier tapping a four-year high of $30.81.
One of the best Nasdaq stocks today is Cerus Corporation (NASDAQ:CERS), thanks to the company's upbeat late-stage trial results. CERS stock is trading up 21.2% at $5.25, and topped out at an annual high of $5.43 earlier. The shares have been bouncing higher since their May low below $2.
Concerns about a potential airline pricing war have United Continental Holdings Inc (NYSE: UAL) near the bottom of the New York Stock Exchange. UAL shares are trading down 11.5% at $69.03, bottoming out just below the 320-day moving average, located near $69. The stock remains on pace for a third straight monthly win, however.
