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Market Extra: Quadruple witching day on Wall Street as the stock market trades in record territory

Quadruple witching is upon us Friday.

The spooky-sounding term occurs on the third Friday of the month of every quarter, in March, June, September, and December, and refers to the simultaneous expiration of single-stock options and futures and index options and futures.

The four-pronged expiration for options, which grant investors the right but not the obligation to buy an underlying asset at a given price and time, and futures has instilled a modicum of trepidation investors but has mostly been a benign event.

This time the event comes as stocks have been jumping toward records, with the S&P 500 SPX, -0.09%ESM19, -0.14%ESU19, -0.08% notching its first all-time high since April 30 on Thursday, and the Dow Jones Industrial Average DJIA, +0.09%YMM19, -0.09%YMU19, +0.08% trading within 75 points of its Oct.

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