Dow Soars 224 Points After Tax Bill; Nasdaq Dips With Tech
U.S. stocks are trading mixed this afternoon, with bank and tech stocks moving in opposite directions. The Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) are soaring, both touching fresh record highs as financial stocks rally on the Senate's tax reform bill that was passed Saturday.On the other hand, the Nasdaq Composite (IXIC) is modestly lower at midday, as FAANG stocks once again pull back.
Continue reading for more on today's market, including:
The bank stock that consistently rewards option buyers.The airline stock rallying on tax reform.Plus, J.P. Morgan's unusual call volume; Blue Apron stock get boost; and the pharma stock plummeting to record lows.
Among the stocks with unusual call options volume is JPMorgan Chase & Co. (NYSE:JPM), with roughly 63,000 call options traded -- three times the average intraday norm, and on pace for the 98th percentile of its annual range. The December 105 and January 2018 110 calls are among the most popular, while Trade-Alert indicates one speculator sold to open 13,000 March 115 calls to bet on a potential ceiling for the shares. At last check, JPM stock was up 3% at $107.51, fresh off a new record high of $108.40.
One of the top performers on the New York Stock Exchange is Blue Apron Holdings, Inc. (NYSE:APRN), after Barclays upgraded the meal delivery stock to "equal weight" from "underweight." APRN was last seen an impressive 20% higher at $3.89 -- a significant improvement from its Nov. 22 record low, but well off its June initial public offering (IPO) price of $10.
Meanwhile, one of the worst Nasdaqstocks is biotech and medical researcher Ra Pharmaceuticals, Inc. (NASDAQ:RARX), despite the biotech reporting positive results from a Phase 2 study its paroxysmal nocturnal hemoglobinuria treatment. RARX stock was last seen 32% lower at $9.79, just off a record low of $8.81.
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