Dow Extends Yesterday's Rally With Triple-Digit Pop Midday
Stocks are rallying midday on the back of the $2 trillion emergency stimulus bill passed late last night
Falling back earlier following this morning's modest rally, the Dow Jones Industrial Average (DJI) is now seeing a resurgence, up over 800 points midday thanks to boosts from Boeing (BA) and Nike (NKE), the latter surging on an earnings beat. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also notably higher at the halfway point.
This surge in stocks comes on the heels of the $2 trillion emergency stimulus bill just passed by Congress late last night. Not everyone on Wall Street believes stocks have hit rock bottom just yet, though. Director of U.S. institutional equities at INTL FCStone Yousef Abbasi commented that due to uncertainty in the workforce seeing "a sustainable rally at this point, is going to be very difficult."
Continue reading for more on today's market, including:
Hershey stock looks sweet after a double upgrade. The FAANG name SunTrust Robinson is eyeing in the long-term. Plus, Cannae calls pop; the burger joint moving out of its slump; and the biotech name faltering.
One stock sporting unusual options volume today is Cannae Holdings Inc (NYSE:CNNE), last seen up 2.3% to trade at $33.76. So far the restaurant investor has had 3,585 calls and 502 puts cross the tape -- eight times the typical daily volume. Most popular are the May 30 and May 35 calls, with positions being opened at the latter.
One of the best performers on the Nasdaq today is Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB), up 24.4% to trade at $12.77 at last check. While the reason for the surge isn't clear, the restaurant company has been steadily moving up from its March 18 record low, and recently broke back above the former resistance at its 10-day moving average.
Meanwhile, near the bottom of the Nasdaq is Allakos Inc (NASDAQ:ALLK), down 13.9% to trade at $50.85 so far today. This dip comes after the biotech concern announced the initiation clinical studies for its antolimab (AK002) treatment, used to treat eosinophil mast cell related diseases. On the charts, pressure at its 20-day moving average has been guiding ALLK lower during the past few months. For the year, the equity is off 45.3%.
