Dow Hits Major Milestone as Stocks Rise

President-elect Joe Biden's Treasury Secretary nomination pushed the market higher

Laura McCandless

Deputy Editor

Nov 24, 2020 at 12:02 PM

The Dow Jones Industrial Average (DJI) is surging over 409 points midday, extending yesterday's gains and trading above 30,000 for the first time ever -- the first round-number record level since mid-January. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also firmly in the black, with today's gains likely attributed to the start of President-elect Joe Biden's transition into office. Wall Street is also cheering news that Biden will nominate former Federal Reserve Chair Janet Yellen for Treasury Secretary -- what many consider to be "market-friendly" pick. Meanwhile, housing prices saw their biggest jump in six years, and vaccine data is still adding to the boost in sentiment.

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

Burlington stock is closing in on pre-pandemic record highs.
HP stock will swing for the fences with earnings tonight.
Plus, options traders blast Best Buy stock; CANG soars after its quarterly report; and IMBI drops after third-quarter losses.

MMCNov24

One stock seeing notable options activity today is Best Buy Co., Inc (NYSE:BBY), down 6.3% at $114.33 at last check after the electronics retailer announced its expectation of slowing holiday sales due to the pandemic, which overshadowed a third-quarter earnings beat. So far, 33,000 calls and 21,000 puts have crossed the tape -- 4.7 times the usual daily volume already with options volume pacing for the top percentile of its annual range. Most popular is the weekly 11/27 110-strike put, where new positions are being opened. Today's drop has BBY pulling back to its 80-day moving average, a trendline of support since May. Year-to-date, the equity is up 30%.

BBY MMC

Meanwhile, china-based automotive transaction service stock Cango Inc (NYSE:CANG) is soaring after a third-quarter profit beat. Up 24.5% at $10.83, and earlier hitting a record high of $14, the stock is up 18.9% year-to-date.

Elsewhere, iMedia Brands Inc (NASDAQ:IMBI) is down 20.5% at $6.14 at last check, after the specialty retailer third-quarter losses of 39 cents per share. Today's drop has so far been caught by support at the $5.50 level. In the past six months, the stock is still up 82.6%.

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