Financial Stocks Send Dow Up 265 Points

Oil is bouncing back from Friday's drubbing

Nov 26, 2018 at 11:48 AM
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The Dow Jones Industrial Average (DJI) is up triple digits at midday as financial stocks American Express (AXP), JPMorgan Chase (JPM), and Goldman Sachs (GS) surge. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are higher, as well, with online retail behemoth Amazon (AMZN) getting a boost on strong Black Friday and Cyber Monday sales forecasts. Oil prices are also finding a footing, after suffering their biggest one-day drop in three years on Friday, with January-dated crude up 3.1% at $51.99 per barrel.

Continue reading for more on today's market, including:

midday market stats nov 26

California Resources Corp (NYSE:CRC) is seeing unusual options activity today, with 12,300 puts on the tape so far -- 23 times what's typically seen at this point and 88 times the number of calls traded. The bulk of the action is due to 8,409 January 2019 15-strike puts that were likely bought to open for an initial cash outlay of $504,540 (number of contracts * $0.60 premium paid * 100 shares per contract). Shares of the California-based oil refiner are up 3.2% at $24.01, but remain well off their early October almost three-year peak of $50.34 and continue to stare up at their 320-day moving average.

crc stock daily chart nov 26

JinkoSolar Holding Co., Ltd. (NYSE:JKS) is at the top of the New York Stock Exchange (NYSE) today, after the Shanghai-based solar panel manufacturer reported strong third-quarter results and gave an upbeat current-quarter shipment outlook. JKS stock is trading up 17.1% at $10.80, but running out of steam near its 80-day moving average -- a trendline that's helped usher the shares to a 56% year-over-year decline.

General Motors Company (NYSE:GM) is near the top of the S&P 500 at midday, after the Detroit automaker said it will cut its North American salaried workforce by 15%, shutter a number of plants in the U.S. and Canada, and will halt production of several car models -- including the Chevy Cruze. GM stock is up 5.6% at $37.96, set to take out a key technical trendline.

 

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