Dow Jones Industrial Average Wobbles on Inflation, Housing Data

The dollar is trading higher, after inflation rose for the first time in fourth months

by Karee Venema

Published on Mar 24, 2015 at 11:46 AM
Updated on Apr 20, 2015 at 5:32 PM

The Dow Jones Industrial Average (DJIA) is struggling for direction today, as traders digest the latest round of economic data. For starters, consumer prices rose for the first month in four, helping the dollar resume its trek north -- and increasing speculation the Federal Reserve may raise interest rates sooner rather than later. Meanwhile, new homes sales hit their highest mark in seven years, while the Markit manufacturing purchasing managers index (PMI) rose to its loftiest level since October, echoing similar data from overseas. Elsewhere, the S&P 500 Index (SPX) is staring at a modest gain, the Nasdaq Composite (COMP) is besting its peers -- and extending its lead above the highly watched 5,000 mark -- and the Russell 2000 Index (RUT) is within a chip-shot of notching a new all-time high.

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

Midday Market Stats

Among the stocks with notable call volume is Google Inc (NASDAQ:GOOGL), with the contracts changing hands at three times the average intraday pace. In fact, eight of the 10 most active GOOGL options are calls, with the equity's weekly 3/27 575 and 580 strikes seeing the most action. At last check, GOOGL is up 2.3% at $578.15 amid reports of a new hire.

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

Oramed Pharmaceuticals, Inc. (NASDAQ:ORMP) is the biggest gainer on the Nasdaq, up 61.6% at $7.50. While there appears to be no apparent news driving the shares, short sellers could be having a hand in the day's action. At ORMP's average daily pace of trading, it would take nearly three weeks to cover all of the equity's shorted shares, meaning a short-covering rally could be underway.

Over on the Big Board, Twitter Inc (NYSE:TWTR) is one of the day's leading advancers, tacking on 4.3% to trade at $50.53. What's more, the shares have barreled through previous congestion in the $50 area, suggesting this level that has kept TWTR at bay since last October could now switch to a more supportive role -- a theory echoed by today's options traders.

Daily Chart of TWTR Since October 2014

The CBOE Volatility Index (VIX) has shed 0.7 point, or 5.2%, to trade at 12.72 -- surrendering its perch atop 13.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.41, with puts more than doubling calls. SPY was last seen 0.3 point, or 0.1%, higher at $210.27.


A Schaeffer's exclusive

TOP STOCK PICKS 2020

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


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


IRA/401k: The Crash-Proof Retirement Plan
Use gold to protect any IRA, 401(k), or retirement account from a looming financial crisis.
Ulta Stock Moves Lower on New Coronavirus Measures
Ulta has closed all of its stores until further notice
Johnson & Johnson Stock Scaling Dow After COVID-19 Vaccine Update
Johnson & Johnson hopes to have 1 billion doses available by early 2021
IRA/401k: The Crash-Proof Retirement Plan
Use gold to protect any IRA, 401(k), or retirement account from a looming financial crisis.