Nasdaq Rises to Fresh Highs, Dow Again Surpasses 30,000

Upbeat jobs data are boosting investor sentiment

Assistant Editor
Dec 3, 2020 at 12:05 PM
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Stocks are on the rise today, extending the trend of recent record highs thanks to upbeat economic data. Specifically, the number of jobless claims for last week was lower than expected, falling for the first time in three weeks, and stimulus hopes were reignited as Senate Majority Mitch McConnell said a plan is "within reach." Meanwhile, the Dow Jones Industrial Average (DJI) is up over 170 points at midday, as Boeing (BA) surges, helping the blue-chip back above the 30,000 mark. Elsewhere, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are higher as well, both hitting another set of all-time highs.

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

  • Analyst slams Stitch Fix stock with bear note.
  • A disheartening quarterly report hurt Splunk stock.
  • Plus, one internet platform provider that hit an all-time high; more on Waddell & Reed's buyout news; and why PEN is plummeting today.

Midday Market Stats December 3

One stock seeing notable options activity today is Sea Ltd (NYSE:SE), which was last seen up 1.5% at a new all-time high of $186.80. Though the reason is unclear, bulls are running rampant in the options pits, where 39,000 calls have crossed the tape -- six times the average intraday pace and volume pacing in the 100th percentile of its annual range -- versus just 3,987 puts. Most popular is the December 200 call, followed by the weekly 12/04 190-strike call, with new positions being opened at both. Longer term, SE has added 370.7% year-to-date.

SE Chart December 3

One stock surging on the New York Stock Exchange (NYSE) today is Waddell & Reed Financial, Inc (NYSE:WDR). WDR was last seen up 49.4% to trade at $25.41, after it was announced that Australia's Macquarie will buy the company for $1.7 billion. The news has Waddell & Reed stock trading at its highest level since March 2016, and has helped the equity to a 71% quarter-to-date rise.

Meanwhile, at the other end of the NYSE, Penumbra Inc (NYSE:PEN) is down 5% to trade at $195, cementing itself as a massive underperformer so far today. Today's dip marks the equity's fourth-consecutive day of losses, with its 80-day moving average acting as resistance over that timespan. Still, year-over-year, PEN has tacked on 12.9%.

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