Blue-Chip Rally Boosts Dow Jones Industrial Average to a 210-Point Lead

After shedding nearly 100 points at the open, the Dow Jones Industrial Average (INDEXDJX:DJI) has since reversed course to boast a 210-point, or 1.2%, lead. It appears Wall Street has turned its attention away from Russia's woes for the time being, choosing instead to cheer big rallies for blue chips Boeing Co (NYSE:BA) and Chevron Corporation (NYSE:CVX).

Additionally, traders are digesting the latest round of economic data -- ahead of tomorrow's latest policy announcement from the Federal Open Market Committee (FOMC). Specifically, housing starts and permits fell in November, but new construction remained north of one million on an annualized basis. Elsewhere, Markit's flash purchasing managers index (PMI) signaled expansion in December, but growth slowed to an 11-month low.

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

• A big bounce for this oil-and-gas issue likely has option bears cringing.
• Bulls set their sights on this organic grocer amid takeover chatter.
• Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

Among the stocks with notable call volume is mobile delivery specialist GrubHub Inc (NYSE:GRUB). The stock is up 5.1% at $33.37 -- thanks to a bullish brokerage note -- and calls are crossing the tape at a rate 21 times the intraday average. Traders are targeting the equity's $35 mark, with buy-to-open activity detected at GRUB's December, March, and January 2015 35-strike calls.

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

Oil-and-gas firm Talisman Energy Inc. (USA) (NYSE:TLM) is one of the biggest gainers on the Big Board -- up 47.7% at $7.57, as a confirmed buyout bid from Repsol SA overshadows a round of bearish brokerage notes. Heading into today's session, the stock was staring at a steep 56.1% year-to-date deficit, and option traders were rolling the dice on additional losses. Specifically, TLM's 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 0.40 ranks just 4 percentage points from an annual bearish peak.

Meanwhile, payment service provider Qiwi PLC (NASDAQ:QIWI) is one of the leading laggards on the Nasdaq, as Russian-listed stocks take a hit on a plunging ruble. At last check, the shares were off 8% at $19.78, after bottoming out at a new annual low of $18.52 earlier. Today's negative price action is just more of the same for the stock, which has shed 56% since its mid-July peak at $44.90. Pressuring the shares lower has been their 50-day moving average -- and more recently, their 10-day moving average.

After earlier topping the 25 mark for the first time since Oct. 16, the CBOE Volatility Index (VIX) was last seen 0.2 point, or 0.9%, lower at 20.20.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.81, with puts nearly doubling calls. At last check, SPY is up 2.3 points, or 1.2%, at $201.81.