Dow Jones Industrial Average Claws Higher; Crude Futures Rally

The Historic Apple Hack; Plus, the Devastated Drugmaker Cut In Half

by Karee Venema

Published on Mar 7, 2016 at 11:58 AM

The Dow Jones Industrial Average (DJIA) is extending its newfound foothold atop 17,000 today, erasing early losses amid tailwinds from Dow component DuPont (NYSE:DD). The stock is reacting to news that Germany-based BASF could put in a bid for the firm. Elsewhere, ahead of afternoon speeches from Federal Reserve Vice Chair Stanley Fischer and Fed Governor Lael Brainard, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) are attempting to extend their winning streaks, as energy stocks rally with oil prices. April-dated crude futures were last seen trading 4.2% higher at $37.44 per barrel.

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Among stocks with unusual put volume is Wynn Resorts, Limited (NASDAQ:WYNN), with the contracts crossing at two times the average intraday rate. Amid some upbeat analyst attention, shares of the casino concern have overcome an initial drop, up 0.2% at $85.63. However, option traders are betting on a slide. Specifically, buy-to-open activity has been detected at WYNN's March 81 put.

Chesapeake Energy Corporation (NYSE:CHK) is one of the biggest advancers on the S&P 500 Index today, up 7.1% at $5.44. The stock has more than doubled this month amid last week's scandalous fundamental developments -- and is now on pace to notch its first daily close north of its 120-day moving average since August 2014.

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Netflix, Inc. (NASDAQ:NFLX) is one of the leading laggards on the S&P today, down 3.9% at $97.65. This negative price action is relatively rare for the shares -- which, coming off of last week's big move, are up nearly 22% from their Feb. 8 year-to-date low of $79.95.

The CBOE Volatility Index (VIX) is up 0.2 point, or 1%, at 17.03.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.39, with puts having an edge over calls. SPY is 0.1% higher at $200.63.

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