Dow Pops 600 Points on Powell, Payrolls
Wall Street is also optimistic about U.S.-China trade talks
The Dow Jones Industrial Average (DJI) has shot more than 600 points higher today, as traders cheer a strong December jobs report and digest the latest comments from Fed Chair Jerome Powell. The central bank head said the Fed would exercise patience on the path of rate hikes, and will "watch to see how the economy evolves." Elsewhere, Wall Street is optimistic about U.S.-China trade relations, after the countries announced plans to hold talks next week.
Continue reading for more on today's market, including:
Goldman: Buy this FAANG stock.Weak guidance has this healthcare stock reeling.Plus, option traders eye a Bristol-Myers bounce; RECN rallies on an earnings beat; and Arcus plunges on CFO buzz.
After getting drilled yesterday on plans to buy Celgene (CELG), Bristol-Myers Squibb Co (NYSE:BMY) stock is paring some of its losses - and attracting a few option bulls. BMY has seen roughly 86,000 calls change hands so far today - 14 times the average intraday pace, and more than five times the number of BMY puts exchanged. Attracting the most attention is the March 52.50 call, where it looks like one speculator bought to open a block of 14,000 contracts this morning. The call options will move into the money if BMY stock climbs back atop $52.50 by the time March options expire. At last check, Bristol-Myers shares were up 3.9% at $48.68, after yesterday touching a five-year low.
Resources Connection, Inc. (NASDAQ:RECN) is one of the best stocks on the Nasdaq today, as traders cheer fiscal second-quarter earnings. The consulting firm announced a net profit of 33 cents per share, beating out analysts' projected mean of 23 cents per share. RECN was last seen 21.9% higher at $16.48.
Arcus Biosciences Inc (NYSE:RCUS) is one of the worst stocks on the New York Stock Exchange today, with shares plunging after the company announced thatCFO Jennifer Jarrett will step down. RCUS is down 13.8% to trade at $8.98, a 40% deficit its March initial public offering (IPO) price of $15. RCUS earlier touched a new low of $8.79.
