Dow Jones Industrial Average Jumps on Hot Oil, Cooling Yen

SolarCity Burns to the Ground

May 10, 2016 at 12:02 PM
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The Dow Jones Industrial Average (DJIA) is up triple digits, buoyed by a weaker yen and a rebound in oil prices -- while industrial and energy stocks are leading the S&P 500 Index (SPX) higher. At last check, June-dated crude futures have advanced 2.4% at $44.46 per barrel, as supply outages in Canada and Nigeria help ease worries over building global stockpiles. On the economic front, the Job Openings and Labor Turnover Survey (JOLTS) revealed job openings rose to 5.8 million in March -- the second-highest level on record -- while the hiring rate edged down to 3.7%.

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

 midday market stats may 10

Among the stocks with unusual put volume today is LendingClub Corp (NYSE:LC), as the financial stock continues to implode following yesterday's scandal-induced executive exit. At last check, the shares are down 6.9% at $4.30 -- and earlier hit a record low of $3.98 -- pressured by a round of negative analyst notes. Meanwhile, LC puts are trading at 13 times the usual intraday clip, and Trade-Alert suggests buy-to-open activity is taking place at the June 3 strike.

Fertility expert OvaScience Inc (NASDAQ:OVAS) is among the leading gainers on the Nasdaq, on the heels of upbeat analyst attention. At last check, the stock was up 10.3% at $7.80.

ovas daily chart may 10
 

Among the largest losers on the Big Board is Gap Inc (NYSE:GPS), down 12.6% at $19.06 -- and fresh off a four-year low of $18.98. The retail stock is smarting after Gap's latest same-store sales disappointment, and a subsequent round of bearish brokerage notes.

The CBOE Volatility Index (VIX) is down 0.7 point, or 4.8%, at 13.87.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.57, with puts more than doubling calls. At last check, SPY has added 1.8 points, or 0.9% at $207.73.

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