Energy Surge Fuels Stock Market Rebound
U.S. stock indexes are bouncing back in a big way after a rare setback on Wednesday. The Dow Jones Industrial Average (DJIA) and Nasdaq Composite (IXIC) have both hit record peaks, and the S&P 500 Index (SPX) is within striking distance of a fresh high, as well. The energy sector is a major reason for today's gains, with oil stock Chevron (CVX) providing the biggest boost to the Dow, as February crude futures trade up 1.5% at $64.54 per barrel. Meanwhile, fellow blue chip Wal-Mart Stores (WMT) is also in focus after its wage hike, and shares of JPMorgan Chase (JPM) just touched a record high before the company helps kick off fourth-quarter earnings season tomorrow.
Continue reading for more on today's market, including:
The tech stock rallying on M&A speculation. The best and worst stocks to own next week.Plus, First Solar stock spike draws call buyers; an exploding homebuilder stock; and the tech name near the top of the Nasdaq.
Among the stocks with unusual options volume is First Solar, Inc. (NASDAQ:FSLR). The alternative energy stock is spiking 8.3% today to trade at $75.40, earlier topping out at a six-year high of $76.05, after Vertical Group analyst Gordon Johnson initiated coverage with a "buy" rating. Almost 16,000 calls have traded so far, compared to an average daily volume of just 4,466. In the lead by far is the January 2018 75-strike call, and those buying the options are betting on FSLR stock extending its rally in the upcoming weeks.
One of the best stocks on the New York Stock Exchange today is KB Home (NYSE:KBH), which is trading up 11.1% at $38.14, and earlier traded as high as $38.24 -- the loftiest point since mid-2007. The gains follow the company's better-than-expected fourth-quarter earnings and subsequent round of bullish brokerage attention, and bring the homebuilder's one-year advance to almost 130%.
Over on the Nasdaq, Progress Software Corporation (NASDAQ:PRGS) is seeing a huge push higher after the cloud concern's own earnings beat. Shares of PRGS were last seen trading 17.1% higher at $51.13, and earlier hit a record high of $51.63. Over the past year, the equity is up 61%.