Dow, S&P 500 Hit Record Highs As Tech Rally Continues

As tech continues to rebound from its recent correction, the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are both up over 300 points midday, with the blue-chip index trading in a new territory of highs. The S&P 500 Index (SPX) also hit a fresh intraday high and was last seen firmly in the black as investors cheer better-than-expected weekly jobless claims data. Initial claims for last week arrived at their lowest level since early November. Meanwhile, the $1.9 trillion coronavirus relief bill -- now passed through congress and expected to be signed by U.S. President Joe Biden on Friday -- is also adding to the upbeat sentiment. 

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One stock on the New York Stock Exchange (NYSE) seeing a surge in call volume today is France-based Constellium SE (NYSE: CSTM). So far, 36,000 calls have crossed the tape, which is 22 times what's typically seen at this point. Most popular is the May 15 call, followed by the May 17 call, with new positions being opened at the latter. Yesterday, CSTM broke out above long-term pressure at the $15 level and is now extending those gains to nearly six-year highs. Up 4.7% at $16.16 at last check, the equity is up 117.7% year-over-year. 

Vir Biotechnology Inc (Nasdaq: VIR) is surging today, up 30.6% at $61.15 at last check, amid news that the company plans to seek U.S. authorization for its Covid-19 drug after positive test results. To follow, Needham raised its price target to $80 from $75. Today's pop has VIR reclaiming pre-bear gap levels from the start of the month. Plus, the equity is now up around 126% year-to-date. 

Conversely, Celsius Holdings Inc (Nasdaq: CELHis down 27.6% at $43.81, brushing off a fourth-quarter revenue beat after the company reported earnings of two cents per share -- one cent below estimates. This drop has CELH trading back below the 100-day moving average for the first time since last May. Year-over-year, the stock is still up an impressive 709%. 

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Disclaimer: Schaeffer's Investment Research ("SIR" or "we" or "us") is not registered as an investment adviser. SIR relies upon the "publishers' ...

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