Dow Jones Industrial Average Notches Fourth Straight All-Time High

The Dow Jones Industrial Average (INDEXDJX:DJI) tagged another all-time peak

Nov 10, 2014 at 12:02 PM
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With a lack of market-moving catalysts, the Dow Jones Industrial Average (INDEXDJX:DJI) has spent time on both sides of breakeven today. The blue-chip barometer started the relatively quiet session on the south side of the flat line, but has since clawed its way to a comfortable lead of 36.4 points, or 0.2%. In fact, the Dow notched a record high for a fourth straight session, peaking at 17,618.46. Not to be outdone, the S&P 500 Index (SPX) is trading higher -- and tagged its own all-time acme at 2,038.70 -- edging closer to potential resistance at 2,050.

Continue reading for more on today's market, including:

  • The annual sales event generating bullish buzz for Alibaba Group Holding Ltd (NYSE:BABA)
  • The accounting problems plaguing one real estate investment trust (REIT)
  • Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

Midday Market Stats

Among the stocks with notable call volume is BABA, which has generated bullish attention ahead of "Singles Day" (11/11) tomorrow. BABA calls are flying off the shelves at three times the typical intraday pace, and the equity's 30-day at-the-money implied volatility has jumped 11.8% to 46.4%, signaling elevated demand for short-term contracts. In fact, the most active option is the weekly 11/14 120-strike call, which traders are buying to open to bet on a move north of $120 by the end of the week, when the options expire. After touching another record high at $117.42, BABA has trimmed its lead to 1.5% to flirt with $116.29.

For more midday statistics and stocks on the move, head to page 2.

Among the equities hitting new highs today is Yahoo! Inc. (NASDAQ:YHOO) -- which owns a stake in BABA. The security touched a record peak of $49.63 earlier, and was last seen 1.6% higher at $49.31, despite Wells Fargo resuming coverage with a lukewarm "market perform" rating.

On the Big Board, Dean Foods Co (NYSE:DF) is leading the pack, up 14.9% at $16.57, after the company unveiled a (relatively rare) smaller-than-expected third-quarter loss. On the flip side, Rayonier Inc. (NYSE:RYN) is the biggest laggard, down 12% at $29.82. The stock earlier touched a fresh three-year low of $28.81, and was temporarily halted, after the REIT said it would restate first-half financial results (subscription required) following an internal review. RYN is now 5.8% lower year-to-date.

Daily Chart of ANF since December 2013

The CBOE Volatility Index (VIX) initially ticked higher, but has since dropped 0.7 point, or 5%, to 12.46. The "fear gauge" is now on pace for its lowest close since Sept. 19.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) weighs in at 1.95, with puts nearly doubling calls. SPY tagged a new all-time high of $204.04 earlier, was last seen 0.2% higher at $203.79.

 

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