Dow Jones Industrial Average Surges Nearly 300 as ECB Nears QE

ECB President Mario Draghi promised to review quantitative-easing efforts later this month

Jan 8, 2015 at 12:00 PM
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The Dow Jones Industrial Average (INDEXDJX:DJI) is back in the black on a year-to-date basis, thanks to a nearly 300-point intraday rally. Also approaching their 2015 breakeven marks are the S&P 500 Index (SPX) and Nasdaq Composite (COMP), which have popped 1.6% and 1.7%, respectively. Contributing to the risk-on attitude among traders are stabilizing oil prices and last night's dovish comments from Chicago Fed President Charles Evans. Moreover, European Central Bank (ECB) President Mario Draghi said in a letter to European officials that the central bank plans to re-evaluate quantitative-easing measures at an upcoming meeting. On the economic front, initial jobless claims once again fell last week -- though less than expected.

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

Midday Market Stats

Among the stocks with notable put volume is home goods retailer Bed Bath & Beyond Inc. (NASDAQ:BBBY). The stock is up 1.6% at $79.43, following a price-target hike to $68 from $57 at Deutsche Bank -- which also reiterated its "hold" rating -- and ahead of tonight's fiscal third-quarter earnings report. It appears options traders are gambling on a post-earnings swoon by buying to open BBBY's weekly 1/9 77-strike put.

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

Digital promotions name Coupons.Com Inc (NYSE:COUP) is one of the major advancers on the Big Board, after Craig-Hallum started coverage on the stock with a "buy" rating. Specifically, the shares have added more than 10% to trade at $19.13, and are on pace to close above $19 for the first time since early August.

Pharmaceutical stock BIND Therapeutics Inc (NASDAQ:BIND) is the biggest advancer, by far, on the Nasdaq. The stock has rallied 76% to trade at $9.06, after the firm enrolled its first patient in an upcoming lung cancer drug trial. However, BIND shares are still roughly 28% in the red on a year-over-year basis.

Daily Chart of BIND Since January 2014

The CBOE Volatility Index (VIX) is down 2.1 points, or 11%, at 17.18, but may have found a foothold in the 17 area.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.22, with puts outstripping calls. At last check, SPY is up 3.4 points, or 1.7%, at $205.68.

 

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