Dow Jones Industrial Average Soars With Oil

Zuck's Big Battle; Plus, a Headline Day for Oil

by Kirra Fedyszyn

Published on May 16, 2016 at 12:11 PM
Updated on May 16, 2016 at 12:11 PM

After disappointing economic data at home and abroad sent the Dow Jones Industrial Average (DJIA) into the red at the open, the blue-chip index quickly changed course to follow crude futures higher. In fact, June-dated crude oil was last spotted 3.1% higher at $47.63 per barrel -- in year-to-date high territory -- as output disruptions in Nigeria prompted Goldman Sachs to boost its full-year price target for crude. Additionally, a nearly $1 billion nod from Warren Buffett's Berkshire Hathaway Inc. (NYSE:BRK.A) is helping Apple Inc. (NASDAQ:AAPL) lead a long list of Dow stocks north.

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

 Midday Market Stats May 16

Athletic apparel retailer Lululemon Athletica inc. (NASDAQ:LULU) is among the stocks with unusual option volume at midday, with puts trading hands at four times their typical intraday clip. The shares are off 1% at $60.94, and it looks like new positions are being purchased at the May 60 put -- LULU's most active option. This bearish preference is just an extension on the action seen in LULU's options pits in recent months. In fact, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day put/call volume ratio of 1.73 sits higher than 89% of the past year's readings.

Anacor Pharmaceuticals Inc (NASDAQ:ANAC) is one of the top performers on the Nasdaq today, up 54.8% at $98.81 on news that pharmaceutical giant Pfizer Inc. (NYSE:PFE) will buy the company in a $5.2 billion cash deal. Despite today's huge boost, however, ANAC is still 37% shy of its record high of $156.93, seen last July.

ANAC Daily Chart

One of the worst performers on the New York Stock Exchange is energy stock Range Resources Corp. (NYSE:RRC), down 6% a $39.49 on news the company will buy sector peer Memorial Resource Development Corp (NASDAQ:MRD).

The CBOE Volatility Index (VIX) is down 0.3 point, or 1.9%, at 14.75.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.65, with puts significantly outnumbering calls. SPY was last seen up 1.8 points, or 0.9%, at $206.54.

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