Dow Jones Industrial Average Rips Higher on Energy Surge

Is Apple About to Breakout?

Apr 12, 2016 at 11:59 AM
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The Dow Jones Industrial Average (DJIA) has tacked on over 100 points, as a surge in oil prices stokes the stock market's risk-on appetite -- with energy stocks leading the charge higher -- and dulls an uninspiring start to earnings season. Specifically, May-dated crude futures have advanced 3.6% at $41.81 per barrel, after Bloomberg reported that Saudi Arabia and Russia have agreed to a production freeze, regardless of whether or not Iran participates. On the data front, import prices hit a notable milestone last month, while export prices were flat, as forecast.

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Midday market stats April 12

Among the names with unusual call volume is video game guru Activision Blizzard, Inc. (NASDAQ:ATVI), with the contracts running at more than double the expected intraday rate. Digging deeper, it seems safe to assume traders are buying to open the weekly 4/22 34-strike call. Technically speaking, ATVI is off 0.5% at $33.23, despite the company's record-setting eSports championship event.

One of the top losers on the Nasdaq is Horizon Pharma PLC (NASDAQ:HZNP), after the biotech firm confirmed a disappointing full-year outlook. At last check, HZNP has plunged 22.6% at $14.10.

HZNP daily chart

For the second straight day, Chesapeake Energy Corporation (NYSE:CHK) is among the top gainers on the Big Board. This time around, the energy stock is pacing the field, up over 26% at $5.67, boosted by crude oil.

CBOE Volatility Index (VIX) was last seen 0.8 point, or 5.2%, lower at 15.42.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.02, with puts doubling calls. At last check, SPY is up 1.2 points, or 0.6%, at $205.24.

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