Stocks Higher Amid Tax-Cut Optimism
U.S. stocks are trading higher this afternoon, with the Dow Jones Industrial Average (DJIA) picking up more than 100 points -- and the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) trailing closely behind. The Dow is now on track for its 71st all-time closing high this year, which would put 2017 in the record books. Today's gains can be attributed to the passage of the Republican tax bill, which has several big-cap companies vowing to boost wages. Traders are also digesting a slew of economic data, and await earnings from Nike (NKE)after the bell.
Continue reading for more on today's market, including:
25 stocks to buy before Christmas.Skeptical analysts are coming around on this Apple rival.Plus, Finish Line's unusual options volume; a big shipping merger; and BBBY plummets on margin concerns.
Among the stocks with unusual options volume is sportswear concern Finish Line, Inc. (NYSE:FINL), with roughly 5,700 calls traded -- four times the average intraday norm, and pacing for the 99th percentile of its annual range. The January 2018 13- and 14-strike calls are among the most active for FINL, as the stock rallies after earnings. At last check, Finish Line stock was up 12.1% to trade at $13.11, set to conquer its 200-day moving average for the first time in over a year.
The top performer on the New York Stock Exchange (NYSE) is Gener8 Maritime Inc (NYSE:GNRT), after the oil transport company announced a merger agreement with Belgian tanker Euronav. Specifically, Euronav will buy Gener8 for about $490 million in stock, sending GNRT shares gapping34% higher to trade at $5.86,in territory not seen since late July.
One of the worst performers on Nasdaq is retail concern Bed Bath & Beyond Inc. (NASDAQ:BBBY). BBBY stock has dipped 12.5% to trade at $21.48, as concerns about the company's margins spark negative analyst attention. Bed Bath & Beyond stock has lost nearly 53% over the past year.