Tech, Bank Stocks Have Dow Jones Industrial Average Soaring

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by Karee Venema

Published on May 24, 2016 at 12:07 PM
Updated on May 24, 2016 at 12:10 PM

The Dow Jones Industrial Average (DJIA) took off out of the gate -- and has yet to look back -- as bank stocks surge amid signs the Fed could be on the cusp of raising interest rates. Additionally, a rally in tech stocks is helping to lift trader sentiment, with Microsoft Corporation (NASDAQ:MSFT) and Intel Corporation (NASDAQ:INTC) battling it out for the top spot on the Dow. Stocks are also reacting to a surge in new home sales -- which hit an eight-year peak in April -- as well as rising oil prices, with July-dated crude futures up 1.5% at $48.77 per barrel.

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

Midday Market Stats May 24

Among the stocks with unusual options volume today is Best Buy Co Inc (NYSE:BBY), with the contracts crossing at 10 times the average intraday pace. The retail stock is off 8.6% at $30.16, after the firm's dismal current-quarter forecast was met with a round of bearish brokerage attention. Meanwhile, it appears as if some options traders may be selling to close their June 30 puts.

Energy stock EXCO Resources Inc (NYSE:XCO) is the biggest percentage gainers on the New York Stock Exchange (NYSE), up 44.3% at $0.81, after the firm provided an update to its restructuring plans. However, the shares still have a while to go before filling their mid-May bear gap -- prompted by XCO's initial strategic-alternative announcement.

XCO daily chart 

DSW Inc. (NYSE:DSW) is one of the leading laggards on the Big Board, after the retailer followed in a long line of its sector peers by reporting dismal first-quarter earnings . At last check, the stock was down 13.1% at $18.90 -- after earlier hitting a five-year low of $18.84.

The CBOE Volatility Index (VIX) is down 1.3 points, or 8.1%, at 14.54.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.76, with puts nearly doubling calls. SPY is up 2.3 points, or 1.1%, at $207.53.

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