Dow Jones Industrial Average Surges, Nasdaq Notches Record High

Nasdaq Tops Tech-Bubble Peak; Plus, Read This Before Trading Credit Spreads

Jun 18, 2015 at 12:04 PM
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The Dow Jones Industrial Average (DJIA) has surged today -- on pace for a healthy triple-digit win -- following yesterday's dovish policy statement from the Fed, and amid a weakening dollar. What's more, the Nasdaq Composite (COMP) is exploring all-time highs, edging past its tech-bubble peak. On the economic front, the consumer price index (CPI) posted its biggest jump in over two years, weekly jobless claims fell more than expected, and the Philadelphia Fed manufacturing index hit its highest level since December, topping estimates. Still, traders are most anxious to find out the results of a meeting between eurozone finance officials in Luxembourg, as they attempt to stave off a Greek default.

 

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Among the stocks with notable put volume is home decor retailer Pier 1 Imports Inc (NYSE:PIR), with the contracts crossing at 19 times the typical intraday level. Digging deeper, possible buy-to-open activity is detected at the June 12 put, which is PIR's most active option. The stock is fractionally lower at $12, after Cantor Fitzgerald trimmed its price target to $16 from $17 amid the company's mixed turn in the earnings confessional.

 

One of the top winners on the Nasdaq is BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), thanks to encouraging trial data and a subsequent round of upbeat analyst notes. At last check, shares of the drugmaker have soared 12% to $138.46, and earlier touched a record high of $140.09.

 

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The leading gainer on the Big Board is Wall Street newcomer Fitbit Inc (NYSE:FIT), which has surged nearly 48% in its initial public offering (IPO) to trade at $29.55. Earlier, shares of the fitness device maker topped out at $31.90.

 

The CBOE Volatility Index (VIX) is down 1.7 points, or 11.4%, at 12.85.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.56, with puts outstripping calls. At last check, SPY is up 2.2 points, or 1%, at $212.78.


 

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