Stocks Push Higher After Slow Start
Despite wobbling in early trading, the Dow Jones Industrial Average (DJIA) is modestly higher at midday, set to extend its winning streak to six sessions. The Dow touched another record high this morning, and the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also flirting with all-time highs -- and pacing for a seventh straight win -- after spending part of the morning lower. Investors are reacting positively to an unscheduled press conference from Secretary of State Rex Tillerson, who dismissed recent news reports suggesting he considered leaving his post, as well as a rally in healthcare stocks.
Meanwhile, Wall Street is digesting stronger-than-expected data on the U.S. services sector, as well as a smaller-than-anticipated gain in private-sector jobs -- often seen as a precursor to Friday's payrolls report. Looking ahead, traders are awaiting an afternoon speech from Fed Chair Janet Yellen.
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Among the stocks with unusual options volume is pharmaceutical company Mylan N.V. (NASDAQ:MYL), with more than 45,000 options traded -- on pace for the highest percentile of its annual range, and 14 times its average intraday volume. The January 40 call is the most popular, with more than 6,600 calls exchanged. At last glance, MYL was trading up 20% at $39.04, rallying after FDA approval of its generic version of Teva Pharmaceutical's (TEVA) multiple sclerosis drug, Copaxone.
The top stock on the New York Stock Exchange (NYSE) is Thermon Group Holdings Inc (NYSE:THR), after the company announced its acquisition of Thermal Technologies. The shares are up 15% at $21.08, an impressive 34% rally from their recent August low of $15.74.
One of the worst stocks on the NYSE is pharmaceutical concern Teva Pharmaceutical Industries Limited (NYSE:TEVA),plummeting in reaction to Mylan's FDA approval. At last check, TEVA shares were down 14.2% at $16.14, not far from the stock's early September 15-year low of $15.22.
