S&P Claws Out of Correction; Dow Jones Industrial Average Up Triple Digits

In what's being dubbed "Turnaround Tuesday," the Dow Jones Industrial Average (DJIA) is soaring today -- up nearly 450 points at its session peak -- paring a big portion of yesterday's mind-boggling losses, and reclaiming a foothold atop 16,000. Meanwhile, the S&P 500 Index (SPX) has climbed out of correction territory, while the Nasdaq Composite (COMP) is more than 100 points higher -- its fourth consecutive triple-digit intraday move. Elsewhere, the CBOE Volatility Index (VIX) has plunged almost 28% -- after jumping to a six-year high on Monday.

Today's volatility comes courtesy of the People's Bank of China (PBOC), which announced a fresh round of stimulus measures to try and stem recent selling. While it couldn't save the Shanghai Composite from another brutal day, it has managed to lift global markets. Back on the homefront, both housing prices and new home sales ticked higher, while consumer confidence hit a seven-month peak.

 

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

 

• Is now the time to scoop up Netflix, Inc. (NASDAQ:NFLX) and this trio of S&P survivors?
• Schaeffer's contributor Adam Warner breaks down "the second-largest VIX storm on record."
• Plus ... Checking in on the VIX, the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

 

 

Among the stocks with notable option volume is Best Buy Co Inc (NYSE:BBY), with volume running at eight times the average intraday pace. The stock has soared 14.8% to $33.59 -- after the retailer took a well-received turn in the earnings confessional -- but not everyone is convinced BBY will sustain this positive price action. Specifically, it looks as if speculators are buying to open October 30 puts, betting on the security to retreat back beneath this round-number mark.

 

One of the top gainers on the Big Board is JinkoSolar Holding Co., Ltd. (NYSE:JKS), which is up 25% at $19.59. The China-based solar stock is getting a boost from the PBOC's interest-rate decision, and President Barack Obama's new clean energy initiative. Despite today's surge, JKS remains in the red on a year-to-date basis.

 

On the flip side, alternative energy issue Sunedison Inc (NYSE:SUNE) is sitting out the day's solar rally, and is one of the top losers on the New York Stock Exchange. At last check, the shares were off 2.7% at $10.44, following some bearish brokerage attention. Yesterday, SUNE went on a wild ride with sector peer SolarCity Corp (NASDAQ:SCTY), but found support near the round-number $10 mark.

 

The CBOE Volatility Index (VIX) is down 11.4 points, or 27.9%, at 29.37, but remains 142% higher on the month.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.84, with puts nearly doubling calls. SPY is up 4.8 points, or 2.6%, at $194.33.