Dow Jones Industrial Average Reels as Crude Crashes

Inside Pandora's Breakout; Plus, the Drugmaker Bracing for a Drop

Dec 17, 2015 at 11:56 AM
facebook twitter linkedin


The Dow Jones Industrial Average (DJIA) started higher out of the gate, thanks to post-Fed momentum, but quickly reversed course -- and was last seen sitting on a triple-digit deficit. Weighing on the blue-chip index are sagging crude prices -- with January-dated futures earlier breaching $35 per barrel -- and a round of mixed economic data. Specifically, weekly jobless claims dropped more than forecast, but the Philadelphia Fed's manufacturing survey hit its lowest mark of 2015 at negative 5.9.

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

151217mmc

Among the stocks with elevated put volume is retailer J C Penney Company Inc (NYSE:JCP), with the contracts crossing the tape at 21 times the expected intraday rate. Bearish bettors are apparently responding to the stock's 5% drop to trade at $6.67. According to Trade-Alert, speculators may be buying to open JCP's January 2017 4- and 5-strike puts, anticipating long-term losses for the shares.

One the notable gainers on the New York Stock Exchange is cosmetics concern Avon Products, Inc. (NYSE:AVP), up 4.5% at $4.28. The stock is getting a big boost from Cerberus Capital Management, which has taken a 17% stake in the company.

151217avp

Among the top performers on the Nasdaq is Sunrun Inc (NASDAQ:RUN), which is extending its rally thanks to some upbeat brokerage attention. At last check, the solar stock was 4% higher at $12.09.

The CBOE Volatility Index (VIX) is 0.4 point, or 2.2%, higher at $18.26.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.06, with puts and calls trading near parity. SPY was last seen 1.6 points, or 0.8%, lower at $206.44.


A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earnings guide for Q3 before it's too late!


  
 
Special Offers from Schaeffer's Trading Partners