Stocks Soar as S&P 500 Reclaims 3,000

Optimism over re-opening economies and a COVID-19 vaccine is lifting Wall Street

Assistant Editor
May 26, 2020 at 12:10 PM
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All three major indexes are barreling higher at midday, with the Dow Jones Industrial Average (DJI) up nearly 600 points at last check, as investors unpack vaccine news and a slew of positive economic sentiment. Furthermore, both the blue-chip index and the S&P 500 Index (SPX) have broken above key levels, with the latter reclaiming the round 3,000 level --an area that coincides with its 200-day moving average -- for the first time since early March. As the U.S. continues to ease lockdowns, investors are hopeful that the worst of the coronavirus-induced market slide is over. 

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

  • This home goods retailer picked up a price-target hike.
  • The blue-chip stock blasting onto the vaccine scene.
  • Plus, SPWR sees a surge in options volume; airline purchaser upgraded; and Moderna stock dropping amid sector buzz.

 

mmc may 26

One stock seeing unusual options activity today is SunPower Corp (NASDAQ:SPWR), up 10.8% at $7.44 at last check. The global energy company has seen 15,000 calls and 1,081 puts across the tape so far, 3.6 times the average daily volume. Most popular is the weekly 5/29 7.5-strike call, where new positions are being opened. Though the reason for today's rise and options spike is unclear, SPWR is now 4.6% below its year-to-date break-even point. 

Scaling the New York Stock Exchange (NYSE) today is Fly Leasing Ltd (NYSE:FLY), up 24.1% at $7.66 at last check. This rise comes after J.P. Morgan upgraded the airline purchasing stock to "overweight" from "neutral", though it trimmed its price target to $15. Today's bull gap is running out of steam at the shares' descending 60-day moving average, but FLY is now up 59.4% in the last month. 

FLY mmc may 26

On the other hand, a little worse for wear on the Nasdaq today is Moderna Inc (NASDAQ:MRNA), down 10.6% at $61.69 at last check, as other biotech companies make coronavirus vaccine announcements. Today's drop has MRNA a chip-shot above its 20-day moving average, and down 14.3% in the last week. In 2020 so far, the equity is still up an impressive 213.8%. 

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