Dow Jones Industrial Average Jumps on Overseas Optimism

Dow Skyrockets; Plus, 3 Stocks Riding the Greek Optimism

by Alex Eppstein

Published on Jul 10, 2015 at 12:00 PM

The Dow Jones Industrial Average (DJIA) is ripping higher at midday -- and has closed its week-to-date deficit -- as Chinese stocks staged another impressive rally. Further adding to the bullish bias is optimism over Greece's recently submitted debt proposal, which Eurogroup President Jeroen Dijsselbloem described as "thorough." The Greek parliament is expected to vote on the deal today, ahead of Sunday's deadline with creditors. Finally, on the domestic front, wholesale inventories rose at their briskest clip in six months, oil and the dollar are lower, and traders are awaiting a speech from Fed Chair Janet Yellen.

 

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

 

 

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Among the stocks with notable call volume is software firm Autodesk, Inc. (NASDAQ:ADSK), where the contracts are running at 17 times the normal intraday rate. According to Trade-Alert, traders are buying to open the stock's out-of-the-money July 52.50 and 55 calls. At last check, ADSK has tacked on 0.1% at $52.51.

 

One of the top advancers on the Big Board is Yingli Green Energy Hold. Co. Ltd. (ADR) (NYSE:YGE), which up 11% at $1.01 -- but still down 57% year-to-date. The shares are busting out amid a rally in China stocks, as well as news that YGE will supply a total of 240 megawatts of solar panels to a pair of Chilean power plants.

 

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One of the top losers on the Big Board is Arch Coal Inc (NYSE:ACI), which has plunged 15% to trade at $0.27 -- an all-time low. In fact, a number of coal producers are taking it on the chin, as Roman Catholic shareholders are dumping conventional energy stocks amid Pope Francis' call for an end to fossil fuel use.

 

The CBOE Volatility Index (VIX) is off 3.07 points, or 15.4%, at 16.90.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.49, with puts outweighing calls. At last check, SPY has added 2.7 points, or 1.3%, to trade at $207.58.


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