The Dow logged another record high
Stocks are moving higher this afternoon, once again notching record levels thanks to another batch of strong earnings from the financial sector and upbeat economic data, including a 9.8% rebound in consumer spending for March. In response, the Dow Jones Industrial Average (DJI) is up nearly 260 points, earlier notching yet another all-time high. The blue-chip index is getting a boost from bank stocks, while an earnings beat from index member UnitedHealth (UNH) is also providing support. The S&P 500 Index (SPX) logged a new intraday record as well, while the Nasdaq Composite (IXIC) sports a triple-digit lead at midday.
Continue reading for more on today's market, including:
- The latest bank stock to rise on stellar earnings.
- American Eagle Outfitters stock extends 14-year highs.
- Plus, call traders blast Visa stock after upgrade; one new biotech stock soaring on the charts; and short-selling rumors sink INTZ.
One stock seeing a jump in bullish activity is Visa Inc (NYSE:V), after Jefferies raised its price target to $260 from $250. So far today, 57,000 calls have already exchanged hands, double the intraday average and nearly five times the amount of puts traded. The May 215 call is the most popular, distantly followed by the April 230 call. At last check, V is up 2.1% at $226.63, just a chip-shot away from its March 11 all-time high of $228.23. The 10-day moving average has helped the equity move higher since late March, and it just topped recent pressure at the $224 level today. The security is up 36.4% in 2021.
One stock outperforming on the Nasdaq today is Neximmune Inc (NASDAQ:NEXI), last seen up 7.1% at $25.58, though the catalyst is unclear. The clinical-stage biotechnology company made its initial public offering (IPO) on Feb. 12, opening at $23.01 and peaking at $28. The stock has traded between $17 and $27 ever since. Today's boost has NEXI sporting a respectable 33.3% quarterly lead.
At the other end, Intrusion Inc. (NASDAQ:INTZ) is hovering near the bottom of the Nasdaq, down 19.5% at $19.12 at last check, after a short call from White Diamond Research alleged a "malicious short-selling agenda." The company said the claims are "unfounded," but the equity is suffering in the wake of the allegations. The stock is now pacing for its second largest percentage point drop of 2021, though the it still boasts a 12.4% rise on the year. Longer term, Intrusion stock is up a staggering 535.2% year-over-year