Dow Hits New High on Blue-Chip Earnings
The Dow managed to bounce back after slipping below the breakeven this morning
The Dow Jones Industrial Average (DJI) initially slipped out of the gate on concerning comments from Treasury Secretary Steven Mnuchin. The blue-chip index has since bounced back to hit a record high, with the trade deal signing currently underway. Comments from National Economic Council Director Larry Kudlow that U.S. President Donald Trump could unveil another round of potential tax cuts later this year also helped boost stocks, with the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) nabbing new highs, as well. Elsewhere, focus remains on earnings, with Goldman Sachs (GS) and UnitedHealth (UNH) getting a boost on well-received reports. Meanwhile, Target (TGT) stock is sinking on disappointing holiday sales data.
Continue reading for more on today's market, including:
Shake Shack Inc (NYSE:SHAK) is seeing an unusual amount of options activity today, with 70,000 calls and 7,700 puts across the tape so far -- 14 times what's typically seen at this point, and a new 52-week high. The January 2020 70-strike call is most popular, followed by the 71-strike call from the same series. It appears as if positions are being bought to open at both. The stock is pacing for its biggest one-day percentage pop since August, up 9.2% at $69.97 at last check.
Electronics manufacturer Cemtrex Inc (NASDAQ:CETX) is one of the top performers on the Nasdaq today following an announcement that the company received $700,000 in orders for new video surveillance systems in municipal buildings. The stock is up 96.8% to trade at $2.31, clearing its 200-day moving average for the first time in nearly two years, and pacing for its highest close since late June.
