S&P Tags New High in Fed-Fueled Rally

The Dow is withing striking distance of its Oct. 3 record high

by Karee Venema

Published on Jun 20, 2019 at 11:54 AM

It's a record-setting session on Wall Street, with the S&P 500 Index (SPX) running to a new record intraday high this morning, as stocks continue to react to Wednesday's dovish Fed comments. The Dow Jones Industrial Average (DJI) is surging, too, coming within 190 points of its Oct. 3 all-time peak earlier, while the Nasdaq Composite (IXIC) is also comfortably higher at midday.

Oil prices are rallying, too, after Iran shot down a U.S. drone near the Strait of Hormuz -- a move that drew a "very big mistake" tweet from President Donald Trump. At last check, crude for July delivery was up 5.4% at $56.64 per barrel.

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

  • A record-setting sales event puts Alibaba shorts on notice.
  • Why Goldman slashed its Tesla price target.
  • Plus, Newmont call options pop as gold prices climb; another hot new stock on Wall Street; and the biotech that's more than doubled today.

midday market stats june 20

Newmont Goldcorp Corp (NYSE:NEM) is seeing interesting options activity today, with 20,000 calls and 6,500 puts exchanged -- four times what's typically seen at this point. NEM stock is up 3.7% at $37.69, fresh off a 13-month peak at $38.47, as gold prices pop on rate-cut chatter. Some options traders are targeting even more upside for the mining shares, with buy-to-open activity detected at the weekly 6/28 39-strike call.

Tufin Software Technologies Ltd (NYSE:TUFN) is near the top of the New York Stock Exchange (NYSE) today, up 18% at $26.18, earlier hitting a record high of $27.20. The Israel-based cybersecurity name priced its initial public offering (IPO) at $14 per share in mid-April, and opened for trading at $18.05 on April 11.

Edesa Biotech Inc (NASDAQ:EDSA) is one of the best Nasdaq stocks at midday, after the Food and Drug Administration (FDA) approved a mid-stage trial for the company's contact dermititis topical treatment, EB01. EDSA stock is up 119.2% at $9.27, but is running into familiar resistance at its 320-day moving average.

edsa stock daily price chart on june 20


a schaeffer's exclusive

5 NEW STOCK PICKS

We're celebrating 38 years with this FREE insider report!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


What's Next for the American Wealth Gap
Porter Stansberry is predicting a major change in the American economic system.
Nike Stock Named "Best Idea" at Guggenheim
Nike has struggled since an unsuccessful test of $90 in mid-July
Analysts Cheer Another Strong Quarter for Intuit
INTU shares already hit an all-time high
IRA/401K Investment Guide: 2019 Stock Market Crash
Use gold to protect any IRA, 401(k), or retirement account from a looming financial crisis.