The Dow is up roughly 460 points at midday
Stocks are substantially higher this afternoon, recuperating after a shaky morning heavily focused on Georgia's Senate runoff results. At midday, Democrat Raphael Warnock was projected to win against Republican Kelly Loeffler, and Democrat Jon Ossoff held the advantage against Republican David Perdue. Should both leading candidates win, Vice President-elect Kamala Harris' vote would break a tie, giving Democrats control of the Senate.
While some are concerned that a win for the Democrats could mean higher taxes and tougher restrictions for corporations, investors appear optimistic midday, with the Dow Jones Industrial Average (DJI) up roughly 460 points, after earlier hitting a new intraday high. The S&P 500 Index (SPX) is significantly higher as well, while the tech-heavy Nasdaq Composite (IXIC) is following suit. Also making headlines is the 10-year Treasury note yield, which rose above 1% for the first time since March.
Continue reading for more on today's market, including:
- UnitedHealth stock drops following billion-dollar acquisition.
- Major bank stock surges thanks to bull note, election buzz.
- Plus, options swarm Bausch Health stock; cannabis stock surges as Democrats reach for Senate control; and Concord Medical stock plummets from record highs.
One stock seeing notable options activity today is Bausch Health Companies Inc (NYSE:BHC), last seen up 6.4% to trade at $23.21, after the pharmaceutical name announced it will participate in the 39th Annual J.P. Morgan Healthcare Conference. So far today, 25,000 calls and 16,000 puts have already crossed the tape, which is six times the intraday average. Most popular by far is the weekly 1/8 22-strike put, where new positions are being opened, followed by the monthly January 2021 22-strike call. The equity has been chopping higher since an early October bull gap, with support from the 40-day moving average. and it up over 41% in the past three months.
Meanwhile, one stock near the top of the New York Stock Exchange (NYSE) today is marijuana producer Hexo Corp (NYSE:HEXO), last seen up 16% at $4.82. The entire sector is getting a boost today after the Democratic party won a key U.S. Senate race in Georgia, bringing the party closer to sweeping Congress and acting on their promise to legalize marijuana. While the security is still far off its pre-pandemic levels, HEXO is up 70% in the last six months.
Near the bottom of the NYSE today is Concord Medical Services Hldg Ltd (NYSE:CCM), last seen down 5% to trade at $3.20, though a catalyst for the negative price action remains unclear. Shares have been cooling off from a major bull gap, however, which boosted shares to a Dec. 15, six-year high of $5.89. The security is still receiving support from the 20-day moving average, and sports a 23.5% year-over-year lead.
