Tax Hopes Help Nasdaq Top 7,000

The Dow was up more than 200 points at its session peak

Managing Editor
Dec 18, 2017 at 12:08 PM
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U.S. stocks are up this afternoon, with the Dow Jones Industrial Average (DJIA)Nasdaq Composite (IXIC), and S&P 500 Index (SPX) all scoring fresh record highs thanks to heightened optimism over the finalized Republican tax plan that is expected to be voted into law later this week. In fact, the Nasdaq topped 7,000 for the first time ever just moments ago, while a flurry of M&A activity is giving the SPX an added boost.

Continue reading for more on today's market, including:

  • The bitcoin stock pacing for its best year in four.
  • 3 retail stocks headed for new highs, according to analysts.
  • Plus, the soaring social media stock; the Chinese stock up 45%; and DAVE's big pullback.

Midday Market Stats Dec 18

Among the stocks with unusual options volume is social media powerhouse Twitter Inc (NYSE:TWTR), with roughly 137,000 calls traded -- five times the average intraday norm, and pacing for the 99th percentile of its annual range. Further, the put/call volume ratio of 0.15 is set for an annual low. The January 2018 25- and 20-strike calls, as well as the weekly 12/22 24-strike call, are the most active for TWTR. At last check, Twitter stock was up 8% at $24.01, and just off a fresh annual high of $24.17, thanks to a pair of upbeat analyst notes.

One of the top stocks on the New York Stock Exchange (NYSE) is Vipshop Holdings Ltd (NYSE:VIPS), after Tencent and announced that they will be taking a stake in the Chinese e-commerce concern. At last check, VIPS stock had gapped 45% higher to trade at $12.20, set to topple its 360-day moving average for the first time since early June.

Daily Chart of VIPS Since Jan 2017 with 360MA

One of the worst performers on the Nasdaq is restaurant chain Famous Dave's of America, Inc. (NASDAQ:DAVE). DAVE stock surged to a two-year high of $9.65 last week, but has given back most of its gains today. At last check, DAVE stock was down 20% at $5.62, but has still nearly doubled in the past six months. 


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