Dow Jones Industrial Average Up 244 Points; Nasdaq Back in Black for 2015

Dow Up 244; Plus, What's Behind the GE Jolt?

by Karee Venema

Published on Sep 8, 2015 at 11:58 AM
Updated on Sep 8, 2015 at 12:05 PM

Traders have returned from the long holiday weekend in an upbeat mood -- brushing off last week's dismal price action, and sending the Dow Jones Industrial Average (DJIA) up more than 244 points. Specifically, speculation China could unleash a new round of stimulus measures following disappointing trade data has bulls champing at the bit, with the S&P 500 Index (SPX) and Nasdaq Composite (COMP) enjoying big gains at midday, as well. In fact, the former has pared its monthly deficit -- a critical number to watch --  to 1.2%, while the latter has moved back above its year-to-date breakeven mark.

 

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Among the stocks with notable put volume is Urban Outfitters, Inc. (NASDAQ:URBN), with the contracts crossing the tape at eight times the average intraday pace. The stock has been trending lower since hitting a record high of $47.25 in mid-March, down 34.5% at $30.95. It appears some of today's speculators are betting on the struggle to continue, with the International Securities Exchange (ISE) confirming buy-to-open activity at the retailer's September 31 put.

 

One of the losers on the Nasdaq is microblogging site Twitter Inc (NYSE:TWTR). Moffett Nathanson weighed in on a number of names today, and for TWTR, this resulted in a lackluster "neutral" rating and $30 price target. At last check, the stock is off 2.1% at $27.57.

 

One of the top gainers on the Big Board is Fitbit Inc (NYSE:FIT). Shares of the wearable device maker are up 8.1% at $34.61 -- and on pace to close north of their 10-day moving average for the first time since Aug. 17 -- after Morgan Stanley waxed optimistic on FIT.

 

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The CBOE Volatility Index (VIX) is down 1.9 point, or 6.9%, at 25.88.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.48, with puts outpacing calls. SPY is up 3.2 points, or 1.6%, at $195.74.


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