Dow Enjoys Massive Midday Surge, Despite Spike in Jobless Claims

Investors await the House's decision on the stimulus bill

by Laura McCandless

Published on Mar 26, 2020 at 12:34 PM
Updated on Mar 26, 2020 at 12:47 PM

While a record spike in weekly jobless claims put the Dow Jones Industrial Average (DJI) underwater this morning, the blue chip index has more than made up for the dip, rising over 1,000 points by the midway mark. The blue chip index is now eyeing its third-straight win, joined by the S&P 500 Index (SPX). This bounce-back, of course, comes as traders optimistically eye the Senate's approved stimulus package and the Federal  Reserve's efforts to counter the economic fallout of the pandemic. The next step is the House of Representatives' decision on the bill, estimated to be made Friday morning. 

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

  •  Micron stock shakes off price target cuts after an earning beat.  
  • How Ford is attempting to keep itself afloat. 
  • Plus, options bulls brush up on SmileDirectClub; BXMT bounces back; and the healthcare services company sliding with its downgrade.

midday market stats mar 26

One stock sporting unusual options volume today is SmileDirectClub Inc (NASDAQ:SDC), last seen up 17.1% to trade at $5.01. So far the medical technology platform has had 98,000 calls cross the tape --  21 times the intraday average -- compared to 2,583 puts. Most popular is the April 6 call, where positions are being opened.

One of the top performers on the New York Stock Exchange (NYSE) today is Blackstone Mortgage Trust Inc (NYSE: BXMT), up 35.6% to trade at $22.82, at last check, as more Mortgage real estate investment trusts (REIT) suspend their first-quarter divident payments and provide portfolio updates in an effort to preserve liquidity. Optimism over the emergency stimulus package is also giving the sector a big boost. 

Meanwhile, near the bottom of the NYSE is AMN Healthcare Services Inc (NYSE: AMN), down 10.6% to trade at $53.76 so far today. This dip comes after Sun Trust Robinson downgraded AMN to a "hold" rating from "buy," and cut its price target to $64 from $82. Today, AMN is eyeing its second-straight close below previous long-time support at its 200-day moving average. 

mmc chart mar 26

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