Dow Jones Industrial Average Up as Oil Tops $40

2 White-Hot Gold ETFs; Plus, M&A Monday Strikes

Apr 11, 2016 at 12:08 PM
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The Dow Jones Industrial Average (DJIA) was up nearly 155 points earlier, but has since given back the bulk of its gains with earnings season kicking off tonight -- and expectations low. Without any domestic data to digest, stocks are again taking their cue from another bounce in oil prices, with May-dated crude futures up 1.3% at $40.22 per barrel -- topping the round $40 level for the first time this month. Meanwhile, Fed Chair Janet Yellen's meeting with President Barack Obama is just around the corner, slated to start at 3 p.m. ET.

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Among the names with unusual option volume is aluminum giant Alcoa Inc (NYSE:AA), ahead of tonight's highly anticipated earnings report. The stock's options are trading at six times the expected intraday rate, and according to Trade-Alert, one speculator sold to open 10,000 May 11 calls to help offset the cost of a newly initiated long put spread totaling 20,000 contracts at the April 9 and 9.50 strikes. At last check, AA was up 3.7% at $9.72.

One of the top performers on the Big Board is Barrick Gold Corporation (USA) (NYSE:ABX), up 5.3% at $15.99 -- and fresh off an annual high of $16.23. The gold stock is getting a boost from the latest upbeat brokerage note to come its way.


Among the leading the losers on the Nasdaq is Clovis Oncology Inc (NASDAQ:CLVS), as the shares continue to reel in the wake of Friday's downbeat Food and Drug Administration (FDA) note. At last check, the biotech stock has tanked nearly 5% at $15.00, and recently touched a three-year low of $14.38.

CBOE Volatility Index (VIX) was last seen 0.5% higher at 15.44.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.48, with puts easily outstripping calls. At last check, SPY was 0.2% higher at $204.93.

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