Dow Jones Industrial Average Thrives With Oil; S&P Claws Out of Correction

The Dow Jones Industrial Average (DJIA) is eyeing a third straight win -- and the S&P 500 Index (SPX) is attempting to claw its way out of correction territory -- as rising oil prices fuel optimism across Wall Street. March-dated crude was last seen at $30.52 per barrel, a 5% pop for the day, after Iran's oil minister reportedly voiced support for price-stabilizing actions. Traders are also considering a round of mixed economic data ahead of the Fed's meeting minutes, scheduled for release this afternoon. Specifically, housing starts and building permits unexpectedly fell in January, the producer price index (PPI) posted a surprise increase, and industrial production surged for the first time since July. 

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

• Warren Buffett's $400 million energy investment. 
• Why this stock is flirting with territory not seen in almost 20 years.
• Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

Among stocks with unusual call volume at midday is accessories retailer Fossil Group Inc (NASDAQ:FOSL). The contracts are crossing at 24 times the average intraday pace, accounting for eight of the top 10 most popular strikes, as traders respond to the company's impressive quarterly earnings results. FOSL was up 27.9% at $44.07 at last check, on pace for its best close since November. 

Natural resource company Freeport-McMoRan Inc (NYSE:FCX) is sitting atop the Big Board, after another vote of confidence from a high-profile investor. Specifically, the shares are up 18.4% at $7.54, after activist investor Carl Icahn upped his stake in the firm. Today's pop puts FCX back into the black on a year-to-date basis. 

One of the Nasdaq's worst performers today is healthcare IT provider Cerner Corporation (NASDAQ:CERN), after the company slashed its full-year outlook. The stock has dropped 9.1% to sit at $50.39, and hit an annual low of $49.89 earlier in the day. The losses have CERN on pace to close below its 200-week moving average for the first time since April 2009. 

The CBOE Volatility Index (VIX) is down 1.1 point, or 4.6%. 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.60, with puts handily outpacing calls. The SPY was last seen sporting a 2.6-point, or 1.4%, lead at $192.39.