Bank Stocks Lead Dow Jones Industrial Average Higher; Oil Notches New High

2 Booming Biotechs; Plus, GoPro Gets Blitzed

Apr 13, 2016 at 12:10 PM
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The Dow Jones Industrial Average (DJIA) jumped out of the gate and is trading near its highest level of the year, buoyed by upbeat trade data out of China and bank earnings. Specifically, bank stocks are leading the way higher, on an earnings beat from top-performing Dow component JPMorgan Chase & Co. (NYSE:JPM). Meanwhile, oil prices are wavering, with May-dated crude futures last seen down 0.2% at $42.07 per barrel, after earlier topping out at $42.42 -- a new 2016 high -- as a weekly build in domestic crude stockpiles overshadows a slowdown in weekly oil production.

Continue reading for more on today's market -- and don't miss:

 

Midday market stats April 13

Among the names with unusual call volume is Activision Blizzard, Inc. (NASDAQ:ATVI), with the contracts crossing at 11 times the expected intraday rate. Drilling down, it looks as if the accelerated activity is being driven by a roll up and out at the April 31 and May 35 calls. Shares of the video game maker are currently up 4.1% at $34.84, after receiving some upbeat analyst attention.

Among the leading laggards on the Nasdaq is biotech stock Clovis Oncology Inc (NASDAQ:CLVS), after the company's lung cancer drug was rejected by the U.S. Food and Drug Administration (FDA) -- prompting a round of bearish analyst notes. At last check, CLVS is 8.6% lower at $13.01.

CLVS daily chart

One of the top gainers on the Big Board is steel stock ArcelorMittal SA (ADR) (NYSE:MT), following a bullish note from Credit Suisse. MT was last seen 7.8% higher at $5.60.

The 
CBOE Volatility Index (VIX) is down 1.1 points, or 7.7%, at 13.71.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 0.82, with calls outstripping puts -- a rare occurrence . At last check, SPY is up 1.6 points, or 0.8%, at $207.49.

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