Dow Jones Industrial Average Tanks on 'Grexit' Fears

Dow Iced By 'Grexit' Fears; Plus, Will a Rate Hike End the Bull Run?

by Andrea Kramer

Published on Jun 12, 2015 at 12:09 PM
Updated on Jun 12, 2015 at 12:10 PM

The Dow Jones Industrial Average (DJIA) is down triple digits at midday, as concerns about a possible "Grexit" heat up. The International Monetary Fund (IMF) yesterday abandoned bailout talks with Greece, and projected optimism from Greek Prime Minister Alexis Tsipras has done little to ease jitters, as European Union (EU) officials discuss a possible default for the first time. Against this backdrop, Wall Street is taking the latest domestic data with a grain of salt.

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

150612MMC


Sign up now to get Schaeffer's Market Recap delivered straight to your inbox!

Among the stocks with notable put activity is Google Inc (NASDAQ:GOOGL). The contracts are crossing the tape at 1.5 times the average intraday pace, with eleventh-hour bears buying to open weekly 6/12 puts that expire at tonight's close. At last check, GOOGL -- which could see its Android operating system in the next BlackBerry Ltd (NASDAQ:BBRY) model -- was down 0.7% at $546.19, after a French watchdog called on the firm to expand its "right to be forgotten" rule.

One of the top losers on the Nasdaq is Agios Pharmaceuticals Inc (NASDAQ:AGIO). The stock was higher in early action, but has since surrendered 15.4% to sit at $103.36 -- and land on the short-sale restricted list -- as traders digest the firm's latest data on its leukemia drug. AGIO is now lower year-to-date, and a breach of the century mark would be a first since May 8.

One of the top gainers on the Big Board is ITT Educational Services, Inc. (NYSE:ESI). The stock has skyrocketed 29.6% to flirt with $5.38 -- and is now attempting to surmount its formerly supportive 80-day trendline -- after the company unveiled stronger-than-expected first-quarter earnings. However, ESI still has a ways to go before clawing its way to a 2015 gain, with the shares down 43.8% year-to-date.

150612ESI

 

The CBOE Volatility Index (VIX) is 0.8 point, or 6.2% higher, but remains lower on the week.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.75, with puts almost doubling calls. At last check, SPY was down 1.4 points, or 0.6%, at $210.28.


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.
Stocks Eye Notable Weekly Gains on 3-Day Surge
Stocks are eyeing big weekly gains
WW Stock Brushes Off Bull Note
Morgan Stanley upgraded the Weight Watchers parent to "overweight" from "equal weight"
IRA/401k: The Crash-Proof Retirement Plan
Use gold to protect any IRA, 401(k), or retirement account from a looming financial crisis.