The Dow hit the 30,000 mark for the first time ever
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.
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%.
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%.