Dow Jones Industrial Average Erases Early Losses

A rough start to the day has quickly been forgotten

by Josh Selway

Published on Apr 6, 2015 at 11:49 AM
Updated on Apr 20, 2015 at 5:32 PM

The Dow Jones Industrial Average (DJIA) has bounced back from a triple-digit drop out of the gate, and was last seen up triple digits around midday. Traders may be responding to Friday's weak nonfarm payrolls report with a risk-on mentality, feeling it may lead to a delay in an interest-rate hike. A cooling dollar is likely also contributing to today's sharp reversal. Elsewhere on the economic front, the Institute for Supply Management's (ISM) non-manufacturing index was roughly in line with expectations. Also, both crude and gold were sharply higher at last check.

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

Midday Market Stats

Among the stocks with notable call activity is Constellation Brands, Inc. (NYSE:STZ), with the contracts changing hands at 13 times the usual intraday rate. The most popular contract by far is the April 120 call, with data giving the impression of buy-to-open activity. At last check, STZ was 1.8% higher at $119.90, after earlier touching an all-time peak of $120.24.

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

Biotech name Vitae Pharmaceuticals Inc (NASDAQ:VTAE) is one of the biggest advancers on the Nasdaq, last seen 16% higher at $14.71. The equity could still be benefiting from a price-target hike to $19 at JMP Securities last week. Still, year-to-date, VTAE is off 11.6%.

Daily Chart of VTAE since October 2014

One of the biggest losers on the Nasdaq today is Digital Ally, Inc. (NASDAQ:DGLY). The video surveillance specialist has dropped 8.2% to trade at $12.56, after a "big announcement" over the weekend failed to impress. It's a change of pace for a stock that has outperformed the S&P 500 Index (SPX) by over 27 percentage points in the past two months.

The CBOE Volatility Index (VIX) is down 0.04 point, or 0.3%, at 14.63.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.21, with traders showing a strong preference for puts over calls. SPY was last seen up 1.5 points, or 0.7%, at $207.63.


A Schaeffer's exclusive

6 Sectors for Summer

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


3 Million to Lose Jobs – and Not Because of Coronavirus?
A terrifying new trend can make you a millionaire or destroy your financial future.
Wall Street Reclaims Two Key Trendlines This Week
U.S.-China tensions and dire economic data still weigh, though
Dell Stock Jumps on Upbeat First Quarter
DELL announced an upbeat first-quarter report
Research Exposes Shortcut to Stock Market Wins
A simple way to stop picking losers, and start cashing in like Wall Street's elite.