Financial Stocks Send Dow Up 265 Points
AXP, JPM, and GS are at the top of the Dow today
The Dow Jones Industrial Average (DJI) is up triple digits at midday as financial stocks American Express (AXP), JPMorgan Chase (JPM), and Goldman Sachs (GS) surge. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are higher, as well, with online retail behemoth Amazon (AMZN) getting a boost on strong Black Friday and Cyber Monday sales forecasts. Oil prices are also finding a footing, after suffering their biggest one-day drop in three years on Friday, with January-dated crude up 3.1% at $51.99 per barrel.
Continue reading for more on today's market, including:
The drug stock down 44% today.The retail stock Deutsche Bank is buying after Black Friday.Plus, options bears eye more losses for one energy stock; JinkoSolar pops post-earnings; and a major announcement from General Motors.
California Resources Corp (NYSE:CRC) is seeing unusual options activity today, with 12,300 puts on the tape so far -- 23 times what's typically seen at this point and 88 times the number of calls traded. The bulk of the action is due to 8,409 January 2019 15-strike puts that were likely bought to open for an initial cash outlay of $504,540 (number of contracts * $0.60 premium paid * 100 shares per contract). Shares of the California-based oil refiner are up 3.2% at $24.01, but remain well off their early October almost three-year peak of $50.34 and continue to stare up at their 320-day moving average.
JinkoSolar Holding Co., Ltd. (NYSE:JKS) is at the top of the New York Stock Exchange (NYSE) today, after the Shanghai-based solar panel manufacturer reported strong third-quarter results and gave an upbeat current-quarter shipment outlook. JKS stock is trading up 17.1% at $10.80, but running out of steam near its 80-day moving average -- a trendline that's helped usher the shares to a 56% year-over-year decline.
General Motors Company (NYSE:GM) is near the top of the S&P 500 at midday, after the Detroit automaker said it will cut its North American salaried workforce by 15%, shutter a number of plants in the U.S. and Canada, and will halt production of several car models -- including the Chevy Cruze. GM stock is up 5.6% at $37.96, set to take out a key technical trendline.