Dow Pulls Away from 34,000, Eyes Third-Straight Win

The major indexes are pacing for another modest weekly win

Deputy Editor
Apr 16, 2021 at 12:00 PM
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Amid a record-setting run, stocks are closing out the week on a mostly higher note. The Dow Jones Industrial Average (DJI) was last seen up 112 points and eyeing its third-straight win, while scoring another intraday record high in the process thanks to an upbeat round of earnings reports.

The S&P 500 Index (SPX) hit another record high of its own, and is heading toward a fourth-consecutive week of positive gains. Sitting out the fun today though is the Nasdaq Composite (IXIC), last seen marginally lower midday. Nevertheless, the tech-heavy index is joining the Dow and S&P 500 with sizable weekly wins.

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

  • Schaeffer's founder and CEO Bernie Schaeffer takes a look at the future of Bitcoin.
  • As flight demand recovers, this airline stock could benefit.
  • Plus, CSCO calls pop; General Finance stock soars on M&A news; and one underperforming biotech stock.

Midday Market Stats APril 16

One stock seeing a jump in bullish activity is Cisco Systems Inc (NASDAQ:CSCO). So far today, 51,000 calls have already exchanged hands, four times what's typically seen at the point, versus just 8,529 puts. Most popular is the April 52.50 call, followed closely by the 53 call from the same series, with new positions opening at the latter and indicating options traders see plenty of upside for the stock by the time these contracts expire at the end of today's session. At last check, CSCO is up 2.5% at $52.95, just a chip-shot away from its March 11 all-time high of $228.23.

CSCO Chart April 16

One stock outperforming on the Nasdaq today is General Finance Corporation Common Stock(NASDAQ:GFN), last seen up 55.9% to score a new all-time high of $18.98, after United Rentals (URI) acquired the company for $996 million. The $13 level has been hurdled today, an area the stock faced off with for the last two years. GFN is now up 123.2% in 2021. 

At the other end of the spectrum is Chemomab Therapeutics Ltd - ADR (NASDAQ:CMMB) last seen down 11.4% at $29.76 at last check. This comes after the company filed for the resale of up to 7.2 million ADSs through the selling of shareholders. CMMB is a far cry from its Feb. 10 record high of $168.80, but still boasts a 111.6% year-over-year lead.

 

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