Dow Up Nearly 1,000 Points, Eyes Five Straight
The Dow and S&P 500 are both eyeing their biggest weekly wins since early April
This morning's uplifting jobs report is putting even more wind at Wall Street's back at midday. The Dow JonesIndustrial Average (DJI) is up nearly 1,000 points at last check, on track for a fifth straight win and biggest weekly win since early April. The S&P500 Index (SPX) and Nasdaq Composite (IXIC) are climbing towards impressive weekly wins as well, with the former also eyeing its best week since April. The airline sector continues to shine, as many big names startannouncing more summer flights. Oil is also getting a lift, with July-dated crude up 4.8% ahead of today's Organization for Petroleum and Energy Countries (OPEC) meeting regarding even more crude supply cuts.
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American Airlines Group Inc (NASDAQ:AAL) is enjoying the sector tailwinds today, last seen up 20.9% at $20.22 after announcing plans to ramp up its flights next month, brushing off a downgrade from Raymond James to "underperform" from"market perform." The news is sparking wild trading in the options pits, with 293,000 calls and 200,000 puts across the tape so far, total options volume that is five times what is typically seen at this point. Most popular are the weekly 6/5 20-strikeput and call, which expire this evening, with positions being opened at both.
Optimism surrounding the airline sector has car rental concern Hertz Global Holdings Inc (NYSE:HTZ) scaling the New York Stock Exchange (NYSE) this afternoon, up 108.9% at $3.03 at last check. The security, which has lost over 80% thisyear amid talks of the company filing for bankruptcy,is looking to close out today's session with a whopping 200% week-to-date gain. Plus, the equity just gapped above its 20-day moving average -- a trendline that has guided HTZ lower since its late-February bear gap off its annual peak of $20.85.
Film distribution name Cinedigm Corp (NASDAQ:CIDM) has switched roles today, following yesterday's impressive surge, as one of the worst stocks on the Nasdaq. The stock is taking a 28.4% breather to trade at $2.59, after hitting a four-and-a-half-year high of $6 and notching its biggest one-day jump on record.