Stocks Cruising Toward Sizable Weekly Wins
The Federal Reserve proposed an additional $2.3 worth of financial aid
The Dow Jones Industrial Average (DJI) is heading into the holiday weekend on a hot streak, up almost 400 points at midday. Today's rise comes after the Federal Reserve pumped another $2.3 trillion into businesses and revenue-pinched local governments. Fed Chair Jerome Powell, in a video press conference earlier, acknowledged that "market conditions have generally improved" and predicted a robusteconomic rebound once the cornavirus outbreak is mitigated. The Nasdaq Composite (IXIC) and S&P 500 Index (SPX) are also climbing, with all three indexes cruising toward double-digit weekly wins.
Continue reading for more on today's market, including:
Analysts are bearish on Anthem stock.Costco stock dipped on a Deutsche Bank bear note.Plus, McDonald's calls rule the roost; a soaring REIT; and chip stock INTC is struggles to find footing.
One stock seeing notable options action today is McDonald's Corp (NYSE:MCD). The fast food behemoth was last seen up 3.6% to trade at $183.47. At last check, over 9,000 MCD calls have been exchanged, nearly two times the usual intraday amount. The January 2021 250 call leads the charge, and there are new positions being opened at the weekly 4/9 185-strike call. McDonald's recently joined a plethora of companies in pulling it 2020 guidance.
One stock flying high on the New York Stock Exchange (NYSE) this morning is Granite Point Mortgage Trust Inc (NYSE:GPMT), up 42.7% to trade at $6.46 at last check. the mortgage real estate investment trusts (REIT) is now up 127% this week alone, soaring well above its 20-day moving average for the first time since mid February.
Meanwhile, Intel Corporation (NASDAQ:INTC) is sitting near the bottom of the S&P 500, last seen down 2.8% to trade at $57.32. Although the catalyst is unclear, INTC is facing off with its year-to-date breakeven level, but remains a ways off from its May 23 annual bottom of $42.86.