Dow Jones Industrial Average Gets a Big Boost from Payrolls

Dow Jumps on Jobs Data; Plus, 3 Mega Earnings Winners

by Karee Venema

Published on May 8, 2015 at 11:41 AM
Updated on May 8, 2015 at 11:44 AM

The Dow Jones Industrial Average (DJIA) took off out of the gate -- and reclaimed a perch atop 18,000 -- as traders cheered the Labor Department's April jobs data. Specifically, although payrolls rose last month, many believe it was not enough to prompt a June interest-rate hike by the Federal Reserve. Meanwhile, the unemployment rate dropped to a level not seen since May 2008, and hourly earnings edged up. The burst of buying power has spread elsewhere on the Street, as well, and thanks to yesterday's solid gains and today's surge, both the DJIA and the S&P 500 Index (SPX) are poised for weekly wins.

 

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

 

150508mmc

 

Among the stocks with notable put volume is Sprouts Farmers Market Inc (NASDAQ:SFM), with the contracts changing hands at 26 times the average intraday pace. The stock is down 9% at $27.48 -- and on the short-sale restricted list -- after the firm's dreary earnings and guidance was met with a round of price-target cuts. Option bears are taking advantage of today's slide, by selling to close their now in-the-money May 30 puts ahead of next Friday's expiration.

 

One of the top gainers on the Big Board is Ryerson Holding Corp (NYSE:RYI). The metals magnate followed up last night's first-quarter earnings by announcing a new CEO, and at last check, the shares were up 21.3% at $7.05. The stock still remains a longer-term laggard, though, down 32% year-to-date.

 

Calithera Biosciences Inc (NASDAQ:CALA) is the biggest advancer on the Nasdaq, after the drugmaker unveiled its 2015 financial results last night. "With the addition of the Hexokinase II license, we have expanded our portfolio of preclinical programs and continue to advance our expertise in the area of tumor metabolism drug research and development," said CEO Susan Molineaux, Ph.D. At midday, the shares are up 38% at $13.14, but appear to have run into resistance at CALA's 20-day moving average.

 

150508cala

The CBOE Volatility Index (VIX) is down 2.1 points, or 13.8%, at 13.05, but appears to have found a foothold in the 13 region.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.86, with puts nearly doubling calls. SPY is up 2.6 points, or 1.3%, at $211.50.



A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earning announcements 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


The Nevada Discovery That Could Jeopardize Chinese Dominance
Click to continue to advertiser's site.
UNH Stock Pops on Accelerated Payment Promise
Analysts are very bullish on UnitedHealth stock
Extra Space Storage Stock Wavers After Downgrade
Raymond James downgraded to "underperform" from "market perform"
The Top Lithium Play of 2020
Click to continue to advertiser's site.