ECB Stimulus Plans Lift Dow Jones Industrial Average

The ECB will implement bond-buying measures next Monday

Mar 5, 2015 at 11:53 AM
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The Dow Jones Industrial Average (INDEXDJX:DJI) is staring at modest gains around midday, as the blue-chip index attempts to snap a two-day losing streak ahead of tomorrow's payrolls report. Notably, U.S. markets got a lift from European Central Bank (ECB) President Mario Draghi, who upped European growth forecasts for this year and next, and said the eurozone's bond-buying stimulus will kick off next Monday, March 9 -- with an expected end date of September 2016. This follows news that the ECB and Bank of England (BoE) both elected to leave interest rates as-is. Stateside, traders are digesting a batch of uninspiring economic reports -- including an unexpected jump in weekly jobless claims, a downward revision to fourth-quarter productivity, and a sixth consecutive month-over-month drop in factory orders.

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

Midday Market Stats

Among the stocks with notable call volume is Lululemon Athletica inc. (NASDAQ:LULU), which is 0.4% higher at $65.79 amid unconfirmed buyout buzz. The contracts are crossing at 10 times the expected intraday clip, powered by a 1,545-contract sweep that was bought to open at the weekly 3/6 66-strike call, according to Trade-Alert. Technically speaking, LULU is up nearly 18% year-to-date.

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

Canadian Solar Inc. (NASDAQ:CSIQ) is one of the notable advancers on the Nasdaq, courtesy of a fourth-quarter earnings beat and possible spinoff plans. At last check, CSIQ was up 8.2% at $32.65, bringing its year-to-date lead to nearly 35%.

Another alternative energy name is pacing the Big Board gainers after hitting the earnings confessional -- specifically, Vivint Solar Inc (NYSE:VSLR), which has jumped 19.1% to trade at $10.16. Helping the shares northward -- and into positive year-to-date territory -- was a narrower-than-forecast quarterly loss.

Daily Chart of VSLR Since December 2014

The CBOE Volatility Index (VIX) is off 0.1 point, or 1%, at 14.09, but appears to have found a foothold at the key 14 level.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.22, with puts more than doubling calls. SPY was last seen 0.2 point, or 0.1%, higher at $210.38.

 

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