Stocks, Oil Prices Rally Thanks to China Deal

Oil prices are moving above $60 per barrel

Dec 16, 2019 at 12:02 PM
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U.S. stocks are rallying to all-time highs today, as investors continue to buy on news of the trade deal with China. The Dow Jones Industrial Average (DJI) is deep into triple-digit territory despite the sharp selling on Boeing (BA), while tech shares are pushing the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) to strong leads as well. Meanwhile, oil prices are also on the rise, with January-dated crude futures gaining 3% to $60.25 per barrel.

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

  • Double upgrade keeps tobacco stock hot.
  • FDA decision sparks AMRN call trading.
  • Plus, UBER bulls bite on India buzz; construction stock surges higher; and retailer keeps sliding on holiday fears.

midday market stats dec 16

One name seeing unusual options trading is Uber Technologies Inc (NYSE:UBER). Short-term call traders are targeting the ride-hailing specialist, with new positions opening at the December 30.50 call, which expires on Friday. Roughly 12,500 of these contracts have traded today, compared to fewer than 5,000 at the next-most-popular strike. UBER stock is spiking today on reports the company could sell its UberEats India business.

One of the best stocks today is Granite Construction Inc. (NYSE:GVA). Last Thursday the company announced that it won a $16 million project in Illinois, and on Friday there was news the stock was switching places in the S&P 400 MidCap Index (MID) with Arrowhead Pharmaceuticals (ARWR). Regardless, the shares are up 8.6% today at $28.47, on pace for the best close since October.

One of the worst stocks today is Canada Goose Inc (NYSE:GOOS), extending Friday's selling due to talk of a heavily discounted holiday season from the retailer. This comes after the company lowered its sales outlook just a month ago. GOOS shares were last seen 3% lower at $37.71.

goos stock dec 16

 

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