Volatility Continues as Dow Jones Industrial Average Heads for Weekly Win

The Newest Name in Icahn's Arsenal; Plus, Is Fitbit Headed for New Lows?

by Karee Venema

Published on Aug 28, 2015 at 12:08 PM

For the eighth consecutive session, the Dow Jones Industrial Average (DJIA) has traded in a triple-digit range, plunging more than 100 points out of the gate. The blue-chip barometer has since pared its losses -- and even peeked above breakeven -- but remains higher on the week. 

In today's session, speculators are digesting a slight downward revision to consumer confidence figures, and a rise in personal income and spending. Additionally, a continued rally for both China's equities market and crude oil seem to have captured the Street's attention, as have comments from Fed Vice Chair Stanley Fischer, who said it's too "early to tell" if a September rate hike is "less compelling."
 

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

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Among the stocks with notable put volume is specialty retailer Five Below Inc (NASDAQ:FIVE), with the contracts crossing the tape at 116 times the average intraday pace. The company is slated to take its turn in the earnings confessional next week, and it appears speculators are hoping it follows in the footsteps of sector peer Aeropostale Inc (NYSE:ARO) by buying to open September 37 puts. At last check, FIVE was up 1% at $37.99.

One of the biggest losers on the New York Stock Exchange (NYSE) is GameStop Corp. (NYSE:GME). The security is down 5.7% at $43.57, after the video game retailer's earnings report received mixed messages from the brokerage bunch. Nevertheless, GME remains 29% higher year-to-date.

One of the top gainers on the Big Board is Arch Coal Inc (NYSE:ACI). The stock is up 12% at $7.84 -- and thanks to a big pop in commodity stocks in recent sessions -- has more than doubled week-to-date.

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The CBOE Volatility Index (VIX) is up 0.8 point, or 2.9%, at 26.85. Month-to-date, the market's "fear gauge" has soared 121%.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.88, with puts nearly doubling calls. SPY is up 0.3 point, or 0.2%, at $199.59.


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