Tech, Bank Stocks Have Dow Jones Industrial Average Soaring

GoPro's Red-Hot Partnership

May 24, 2016 at 12:07 PM
facebook twitter linkedin

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.

Find out where the Dow lands right after the closing bell. Sign up now for Schaeffer's Market Recap

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!



Special Offers from Schaeffer's Trading Partners