Record Highs Across the Board as S&P Seeks Best Win Streak Since '13
Stocks are extending their ascent into all-time-high territory, with the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all hitting fresh record peaks. While the Dow is pacing for a seventh straight win,the Nasdaq and SPX are headed for an eighth consecutive gain, which would mark the latter's longest winning streak since mid-2013. Wall Street is digesting this morning's strong jobless claims data, which could bode well for tomorrow's nonfarm payrolls report. Plus, factory orders rose by more than anticipated in August, and the U.S. trade deficit narrowed.
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Among the stocks with unusual options volume is construction concern Manitowoc Company (NYSE:MTW), with roughly 3,200 calls traded -- 25 times the average intraday norm, and on pace for the highest percentile of its annual range. The October 10 call is most popular, with almost 1,500 contracts exchanged, with traders possibly buying to open the option to bet on MTW moving into double-digit territory soon. At last check, MTW was up 7.5% at $9.73 -- and fresh off a nine-year high of $9.88 -- after Jefferies upped its price target to $10.50.
The best stock on the Nasdaq is business and research information service Onvia, Inc. (NASDAQ:ONVI), after the company announced it has agreed to be acquired by Deltek for $9 per share. At last check, ONVI was trading up 97% at $8.95 -- 10-year-high territory.
One of the worst stocks on the Nasdaq today is drugmaker Celgene Corporation (NASDAQ:CELG), with the shares down 5.3% at $138.76, following a downgrade to "underweight" from "equal weight" at Morgan Stanley. CELG stock touched an all-time high of $147.17 just Monday, and remains 20% higher year-to-date.
