The DJIA is on fire, despite a mostly downbeat round of economic data and struggles on overseas markets
The
Dow Jones Industrial Average (DJIA) is bucking the
global trend lower, last seen up triple digits -- despite a so-so batch of economic data and rampant
pre-Fed speculation. Specifically, retail sales increased less than expected, and the Empire State manufacturing survey registered its second-worst reading since 2009. Also, industrial production fell more than anticipated, while a slight rise in business inventories only matched expectations. Meanwhile, energy stocks are outperforming amid crude oil's rebound. Against this glass-half-full backdrop, the Dow is on pace to end the day out of correction territory for the first time this month.
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Among the stocks with notable call volume is travel site Tripadvisor Inc (NASDAQ:TRIP), as the contracts are running at 18 times the intraday norm. Digging deeper, the in-the-money September 65.50 and out-of-the-money October 72.50 calls may be seeing buy-to-open activity. At last check, TRIP is up 1.3% at $68.69.
One of the top gainers on the Nasdaq is GW Pharmaceuticals PLC - ADR (NASDAQ:GWPH), up 6.8% at $114.21. The shares are getting a lift after the drugmaker's cannabis-based drug succeeded in a mid-stage schizophrenia study.
One of the leading winners on the Big Board is broadcaster Gray Television, Inc. (NYSE:GTN), after the company agreed to buy Schurz Communications, Inc.'s TV and radio stations in a nearly $443 million deal. At last check, GTN is 15% higher at $13.50.
The CBOE Volatility Index (VIX) is down 1.5 points, or 6.2%, at 22.74, dropping below the crucial 23.90 level.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.54, with puts outstripping calls. At last check, SPY was up 1.6 points, or 0.8%, at $197.55.