Surging Dollar Sends Dow Jones Industrial Average Tumbling

The dollar hit a 12-year high against the euro earlier

by Karee Venema

Published on Mar 10, 2015 at 11:52 AM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (INDEXDJX:DJI) is down more than 1% at midday -- tracking the losses of its overseas peers, and erasing all of yesterday's big gains -- as a surging dollar overshadows relatively upbeat readings on job openings and wholesale inventories. Specifically, the greenback jumped to a 12-year peak versus the euro, prompting a sharp drop in blue-chip financial name JPMorgan Chase & Co. (NYSE:JPM). Elsewhere on the Street, crude oil has retreated back below $50, amid the strengthening currency.

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

Midday Market Stats

Among the stocks with notable call volume is Urban Outfitters, Inc. (NASDAQ:URBN), with the contracts changing hands at 15 times what's typically seen at this point in the day. The shares have surged 9.5% to $43.25 -- and hit a new annual high of $43.44 earlier -- after a strong showing on the earnings stage and subsequent round of bullish brokerage attention. Against this backdrop, it appears a number of speculators are selling to close their March 40 calls ahead of next Friday's expiration.

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

Escalera Resources Co (NASDAQ:ESCRP) is the biggest loser on the Nasdaq, off 49% at $8.98. Sparking today's sell-off is news the oil-and-gas issue suspended its quarterly dividend, and as a result, the stock is back in the red on a year-to-date basis.

Flooring expert Lumber Liquidators Holdings Inc (NYSE:LL) is the top gainer on the Big Board. The equity is up 11.9% at $31.28, after the company unveiled its agenda for Thursday's conference call for investors. Heading into today's session, the stock was staring at a 46% month-to-date deficit. Not surprisingly, LL's 14-day Relative Strength Index (RSI) is docked at 19 -- in oversold territory -- suggesting a quick bounce may have been in the works.

Daily Chart of LL Since January 2015

The CBOE Volatility Index (VIX) is up 1.3 points, or 8.8%, at 16.39, on pace to notch its highest close since Feb. 11.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.25, with puts more than doubling calls. SPY was last seen down 2.5 points, or 1.2%, at $205.85.


A Schaeffer's 39th Anniversary Exclusive!

8 Top Stock Picks for 2020

Access your FREE insider report before it's too late!


  
 
 

Partnercenter