Dow Jones Industrial Average Skyrockets; 'Fear Gauge' Erases Weekly Gain

American Express Company (AXP) and General Electric Company (GE) are leading the blue chips higher

by Andrea Kramer

Published on Oct 17, 2014 at 1:04 PM
Updated on Apr 20, 2015 at 5:32 PM

The Dow Jones Industrial Average (INDEXDJX:DJI) has explored a near 750-point range this week, but is poised to snap its six-session losing streak today. In early afternoon action, the blue-chip barometer is 302 points, or 1.9%, higher at 16,419.46 -- and is on pace for its best session of the year -- with help from a stellar earnings report from General Electric Company (NYSE:GE). In fact, all 30 Dow components are in the black right now, led by a 4.4% gain for American Express Company (NYSE:AXP) after its own quarterly earnings results. Outside of the earnings confessional, Wall Street is cheering an upbeat report on new-home construction, an unexpected surge in consumer confidence, and a rebound in crude oil prices, while digesting the latest comments from Fed Chair Janet Yellen.

Elsewhere, the S&P 500 Index (SPX) has added 30.5 points, or 1.6%, while the Nasdaq Composite (COMP) has rebounded 64.6 points, or 1.5%, looking to erase its weekly deficit. As traders adopt a risk-on attitude, the CBOE Volatility Index (VIX) has dropped 4.5 points, or 17.7%, negating its week-to-date gains. The market's "fear gauge" has explored a range of more than 10 points this week, and tagged a fresh two-year high of 31.06 on Wednesday.

On the New York Stock Exchange, 828 equities are trading lower, compared to 2,206 advancing, resulting in an advance/decline ratio of 2.66. Likewise, 34 stocks have tagged new annual highs, compared to 11 in annual-low terrain. ITT Educational Services, Inc. (NYSE:ESI) is the top performer on the Big Board, up 86% at $10.38, after reporting encouraging enrollment figures.

It's a similar setup on the Nasdaq, with 1,524 stocks trading higher, compared to 973 in the red, resulting in an advance/decline ratio of 1.56. Twenty-three securities have notched new highs, compared to 22 exploring new lows. The best performer on the index so far is Westmoreland Coal Company (NASDAQ:WLB), which has added 21.7% to flirt with $37.30, as traders applaud M&A news.

A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earning announcements before it's too late!



NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories

The Nevada Discovery That Could Jeopardize Chinese Dominance
Click to continue to advertiser's site.
UNH Stock Pops on Accelerated Payment Promise
Analysts are very bullish on UnitedHealth stock
Extra Space Storage Stock Wavers After Downgrade
Raymond James downgraded to "underperform" from "market perform"
The Top Lithium Play of 2020
Click to continue to advertiser's site.