Dow, S&P Hit New Highs After McCain Supports Tax Bill
The U.S. stock market is booming today, with the Dow Jones Industrial Average (DJIA) pushing through the 24,000 level for the first time ever to hit record highs. The S&P 500 Index (SPX) also touched an all-time best -- set for its longest monthly winning streak in a decade -- while the Nasdaq Composite (IXIC) is attempting to recover from yesterday's huge tech selloff. Buzz is building ahead of an expected Senate vote on tax reform today, especially after Arizona Senator John McCain committed to voting for the measure, greatly increasing the bill's chances of passing. Traders are also keeping an eye on oil prices amid today's Organization of the Petroleum Exporting Countries (OPEC) meeting, with January crude futures up 0.3% at $57.46 per barrel.
Continue reading for more on today's market, including:
Analyst: Sell this gold stock now. 2 FAANG stocks seeing bullish analyst attention. Plus, Goldman Sachs stock jumps again; Kroger's huge day; and a sinking retail stock.
Among the stocks with unusual options volume is Goldman Sachs Group Inc (NYSE:GS), as the shares make an impressive move for a third straight day, last seen 2.7% higherat $247.77. Call volume is already more than the daily average, thanks to strong demand for weekly options. For example, traders seem to be buying to open the weekly 12/1 250-strike call, the most popular contract today. As such, bulls are betting on GS stock topping $250 by tomorrow's close, when the weeklies expire.
One of the top stocks on the New York Stock Exchange is Kroger Co (NYSE:KR), thanks to a better-than-expected earnings report. KR stock was last seen 9% higher at $26.57, putting it well on its way of closing above the 200-day moving average for the first time since Feb. 21 -- though it topped out just below the 320-day moving average.
Meanwhile, one of the worst NYSE stocks is bookseller Barnes & Noble, Inc. (NYSE:BKS), as it falls after a disappointing earnings report. BKS stock was last seen 10.9% lower at $6.95. However, the shares are still stuck in the tight range between $6.50 and $8.50 that's contained them since May.