Dow Jones Industrial Average Up Big as Dollar Weakens

Dow Rips Higher, Record Peak in Sight

May 14, 2015 at 11:53 AM
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The Dow Jones Industrial Average (DJIA) is booming at midday -- following Wednesday's flat finish -- as traders digest a weakening dollar, a quieter bond market, and a steeper-than-expected drop in jobless claims. In other economic news, the producer price index (PPI) unexpectedly fell in April.

At its intraday high, the Dow was within 62 points of its all-time peak from March. Meanwhile, a number of blue chips are making notable moves, with tech names Microsoft Corporation (NASDAQ:MSFT) and Apple Inc. (NASDAQ:AAPL) leading the way. In total, 29 Dow components are in the green, with Cisco Systems, Inc. (NASDAQ:CSCO) the lone loser despite an earnings beat.

 

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Among the stocks with notable call volume is NetEase, Inc. (ADR) (NASDAQ:NTES), with the contracts trading at 12 times the usual intraday rate. Shares of the Internet technology company were last seen 6.5% higher at $138.42, and fresh off a record peak of $139.70, following a strong earnings report. Option players foresee higher highs by week's end, buying to open NTES' May 145 call.

 

The leading loser on the Big Board is Puma Biotechnology Inc (NYSE:PBYI), which has shed nearly 19% to hover near $170.06. As such, the drugmaker's shares are now staring at a year-to-date deficit of roughly 10%, but have still more than doubled since this time last year. Weighing on PBYI is disappointing data surrounding its breast cancer pill, neratinib.

 

Daily Chart of PBYI since May 2014

One of the top gainers on the Nasdaq is travel site Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP), following better-than-projected quarterly results and some positive analyst attention. At last check, the stock was 14.5% higher at $74.84, and earlier hit an all-time peak of $76.

 

The CBOE Volatility Index (VIX) is down 0.7 point, or 4.9%, at 13.08.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.23, with puts outstripping calls. At last check, SPY was up 1.5 points, or 0.7%, at $211.54.


 

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