Dow Takes Out 26K to Hit New High; VIX Spikes
The Dow Jones Industrial Average (DJI) burst through the 26,000 level for the first time ever earlier to trade at fresh record highs -- and if the index closes above this mark tonight, it will be the fastest jump between 1,000-point milestones in history. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) have hit record highs, as well, thanks to a strong start to fourth-quarter earnings season and round of positive analyst attention. Healthcare and tech stocks are leading the way, with names like Amazon (AMZN) and Nvidia (NVDA) soaring to all-time peaks. Interestingly, the CBOE Volatility Index (VIX) is also rallying, on pace for its highest close since Dec. 5.
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SPY hedgers should go big or go home, according to our founder and CEO Bernie Schaeffer.Analyst: These 2 hot steel stocks have even more upside potential. Plus, put traders pile on GameStop; M&A buzz lights up Energizer stock; and a gene therapy stock slides.
Among the stocks with unusual options volume is video game retailer GameStop Corp. (NYSE:GME), as traders bet on more downside following last week's profit warning. Put volume is already well above the average daily volume, thanks to heavy action at the April 19 strike. Data suggests traders are buying to open positions here, meaning they're expecting GME shares to fall further below $19 in the coming months. The equity was last seen trading flat at $17.76, after Wedbush cut its price target to $22.50 from $25.
One of the best stocks on the New York Stock Exchange is battery specialist Energizer Holdings Inc (NYSE:ENR), with the shares last seen 14.5% higher at $59.12, earlier touching a record high of $62.86. This comes after the company announced it's buying Spectrum Brands' (SPB) battery business for $2 billion in cash. ENR stock has rallied closed to 28% in the past three months alone.
Over on the Nasdaq, gene therapy stock AveXis Inc (NASDAQ:AVXS) is selling off, last seen down 7.9% at $108.19, after the company announced a public stock offering for up to $400 million. This should be put into perspective, though, since AVXS stock is just one session removed from a record high of $119, and still sports a 12-month rise of 106%.