Oil Sparks Dow Jones Industrial Average Rally; Yellen Up Next

2 Drug Stocks Down 50%

Jun 6, 2016 at 12:06 PM
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As Wall Street gears up for Fed Chair Janet Yellen's impending speech, the Dow Jones Industrial Average (DJIA) has raced to a triple-digit lead. Helping Dow stocks higher is a bounce in oil prices, with July-dated crude futures last seen up 2.4% at $49.77 per barrel -- boosted by a weaker dollar and attacks on oil infrastructure in Nigeria. Meanwhile, Boston Fed President Eric Rosengren, St. Louis Fed President James Bullard, and Atlanta Fed President Dennis Lockhart each speculated that last Friday's dismal jobs report could delay the central bank's next interest rate hike beyond June -- though both Bullard and Lockhart would not rule out a July liftoff.

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

midday market stats june 6

Among the stocks with notable call volume is Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA), as the contracts are running at 1.5 times the usual intraday rate. Sparking the action is encouraging data on the drugmaker's lung cancer treatment, Brigatinib. At last check, however, ARIA stock is down 2.6% at $8.75.

One of the top stocks on the Nasdaq today is biotech Juno Therapeutics Inc (NASDAQ:JUNO), on the heels of upbeat drug data. Currently, the shares have soared 6.7% at $46.85 -- on track for their highest settlement price of 2016.

JUNO daily chart June 6

One of the worst-performing stocks on the Big Board is Barracuda Networks Inc (NYSE:CUDA), which has surrendered one-tenth of its value to trade at $15.72. The tech stock's struggles can be traced to a downgrade to "underperform" from "market perform" at JMP Securities.

The CBOE Volatility Index (VIX) is up 0.3 point, or 2.4%, at 13.79.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.34, with puts outstripping calls. At last check, SPY has gained 1 point, or 0.5%, at $211.26.

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