Midday Report: Pier 1 Imports Roars Higher on Outlook; Dow Nears 20,000 Milestone

Stocks rebound after a knee-jerk selloff late Wednesday tied to the Federal Reserve's rate hike outlook.
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Stocks rebounded after a knee-jerk selloff late Wednesday that was tied to the Federal Reserve's rate hike outlook. The Dow was back on track to hit the 20,000 level, trading roughly 50 points from the milestone. Homebuilder sentiment surged to its best level in more than a decade as confidence enjoys a post-election bounce. Builders expressed hope that President-elect Trump's policies would decrease regulations and boost housing affordability. Pier 1 Imports (PIR) - Get Report roared higher after increasing its guidance for its current quarter and naming Chairman Terry London as interim CEO beginning in the new year. The home décor retailer also soared past third-quarter profit estimates. Mondelez (MDLZ) - Get Report rose on reports that Kraft Heinz (KHC) - Get Report was close to making a buyout offer. Both companies have shied away from commenting on earlier reports.