The DJIA is flying high, as crude oil prices rise and energy stocks rally
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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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.
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.
The 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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