Dow Jones Industrial Average Adds 228 Points; Crude Futures Break Out

Time to Buy Netflix Options?

Feb 22, 2016 at 4:27 PM
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The Dow Jones Industrial Average (DJIA) spent the whole session trading firmly higher, with the index up more than 272 points at its session high. The Dow, along with the broader S&P 500 Index (SPX), climbed out of correction territory, as stocks took their lead from significant gains in crude futures.


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The Dow Jones Industrial Average (DJIA - 16,620.66) added 228.7 points, or 1.4%, as 29 of the 30 Dow components finished the day higher. United Technologies Corporation (NYSE:UTX) was the leader, with a gain of 4.7%, while Exxon Mobil Corporation (NYSE:XOM) was the sole laggard, dropping 0.1%.

The S&P 500 Index (SPX - 1,945.50) climbed 27.7 points, or 1.5%, as gains in energy stocks boosted the broad market. The Nasdaq Composite (COMP - 4,570.61), meanwhile, gained 66.2 points, or 1.5%.

The CBOE Volatility Index (VIX - 19.38) fell 1.2 points, or 5.6%, to its lowest close since Jan. 5.

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5 Items on Our Radar Today:

  1. Markit's flash manufacturing purchasing managers index (PMI) unexpectedly fell to 51.0 in January from 52.4 the previous month, with analysts expecting a slight gain to 52.5. January's flash PMI was the lowest such reading since September 2009. (MarketWatch)

  2. The U.S. and Russia agreed upon a partial cease-fire in Syria that will begin on Feb. 27, in an effort to end five years of fighting that has killed more than a quarter of a million people. (Bloomberg)

  3.  Call buyers piled into Sunedison Inc's (NYSE:SUNE) options pits -- but are shorts driving the action?

  4. Amazon.com, Inc. (NASDAQ:AMZN) broke above a key trendline while shaking off a bearish brokerage note.

  5. Options traders could be surprised if Etsy Inc (NASDAQ:ETSY) stages another post-earnings plunge.
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    Data courtesy of Trade-Alert

Commodities:

The International Energy Agency's (IEA) forecast for falling U.S. shale production helped boost crude oil as much as 8% during the day's trading. March-dated crude futures expired on a daily gain of $1.84, or 6.2%, at $31.48 a barrel -- their highest close in more than two weeks.

Gold futures settled lower, ending a three-day win streak, as a strong dollar and rising risk appetites weighed on the safe-haven commodity. Gold for April delivery ended down $20.70, or 1.7%, at $1,210.10 an ounce.


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