Higher Oil, Weaker Dollar Lift Dow Jones Industrial Average

The Energy Stock That's Nearly Doubled

Jun 8, 2016 at 12:13 PM
facebook twitter linkedin

The Dow Jones Industrial Average (DJIA) is modestly higher after earlier touching the key 18,000 level for the second straight day, with healthcare stock UnitedHealth Group Inc (NYSE:UNH) in the lead. Stocks are getting a lift from a tumbling U.S. dollar and rising oil prices. Specifically, July-dated crude futures have tacked on 0.8% at $50.78 per barrel, following a 3.2 million barrel draw in domestic crude inventories. In other economic news, the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) revealed 5.8 million job openings in April, or slightly more than expected.

Continue reading for more on today's market -- and don't miss:

midday market stats june 8

Among the stocks with accelerated call volume is Alphabet Inc (NASDAQ:GOOGL), with the contracts crossing at nearly twice the usual intraday pace. The weekly 6/10 series is extremely popular, and buy-to-open activity may be transpiring at the 740-strike call. At last check, GOOGL stock is 1.5% higher at $741.75.

The hardest-hit stock on the New York Stock Exchange is VeriFone Systems Inc (NYSE:PAY), after a downwardly revised earnings forecast was met with negative analyst attention. At last check, PAY stock has slumped 28.7% at $20.12, and earlier touched a two-year low of $19.71.

PAY daily chart June 6

The top stock on the Nasdaq is Skullcandy Inc (NASDAQ:SKUL), up 16.3% at $4.57. Triggering the gains were reports of a potential takeover effort, and an investment from private equity shop Ptarmagin LLC.

The CBOE Volatility Index (VIX) is off 0.01 point, or 0.1%, at 14.04.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.43, with puts outpacing calls. At last check, SPY has added 0.6 point, or 0.3%, at $212.26.

Find out where the Dow lands right after the closing bell. Sign up now for Schaeffer's Market Recap

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



Special Offers from Schaeffer's Trading Partners