Stocks Higher Again as Nasdaq Looks for Ninth Straight
The S&P and Nasdaq hit new highs
The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) have hit fresh highs again today, while the Dow Jones Industrial Average (DJI) was also sporting a solid lead at last check, as stocks stay strong ahead of this week's Christmas break. More trade buzz has helped keep the rally alive, while a number of M&A-related headlines have also kept traders busy. This sets up the Nasdaq for another win, which would mark a ninth straight.
Continue reading for more on today's market, including:
One name seeing unusual options trading is Altria Group Inc (NYSE:MO), where calls are trading at four times the rate expected. This is due to the heavy action at the weekly 12/27 52-strike calls, where new positions are being opened, likely showing enthusiasm for upside in MO in the coming days. The cigarette stock was last seen at $51.45.
One stock making headlines again is Tesla Inc (NASDAQ:TSLA), as the shares add to their blistering rally today. The electric automaker was last seen up 3.3% at $418.89, and earlier it rose above the $420 level, roughly 16 months after CEO Elon Musk said there was a deal to take Tesla private at $420 per share. This also marks record-high territory for TSLA, which is up more than 87% in the past six months. Options activity is accelerated on the day, as well.
One stock move to watch today is coming from Facebook, Inc. (NASDAQ:FB), as the shares turned lower after hitting fresh highs earlier. FB shares were last seen down 0.1% at $206.14, as the 14-day Relative Strength Index (RSI) holds near overbought territory, coming into today at 65 -- similar to the setup of the broader equities markets.
