Stocks Hover Near Record Highs
The Dow is looking to take its win streak into the weekend
U.S. stocks are mostly pushing higher once again, putting the major indexes within striking distance of fresh record highs. The Dow Jones Industrial Average (DJI) has an eighth straight gain in its sights thanks to China's tariff exemptions, though the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are trading closer to breakeven. Still, all three indexes are well on their way to a third consecutive weekly win.
Continue reading for more on today's market, including:
Bulls bet on upside for Freeport-McMoRan.An airline stock that's running red hot. Plus, United Rental bulls cash out; Wall Street newbie tries to bounce; and insurance stock dips.
One name seeing notable options trading is United Rentals, Inc. (NYSE:URI), as the shares look set to notch an eighth straight win -- up 2.7% at $131.48. Traders may be cashing out amid the rental name's technical strength, with positions seemingly being closed at the September 125 call, which was second on the top open interest positions list coming into today. URI stock is now testing the 320-day moving average, a trendline that has acted as a ceiling in recent months.
One notable riser today is SmileDirectClub Inc (NASDAQ:SDC), as the shares try to recover from their weak initial public offering (IPO) performance. The teledentistry stock hit the public market yesterday at $20.55, but settled near session lows at $16.67. Today, though, SDC stock is up 11.3% at $18.55.
Meanwhile, insurance concern Progressive Corp (NYSE:PGR) is underperforming on the New York Stock Exchange (NYSE). The company reported disappointing net income for August, sending the shares down 7.4% to $71.26. However, PGR could find support at the 320-day moving average, and is still up 18.1% year-to-date.