Dow Jones Industrial Average Eyes 18,000 on Energy Surge

The 'Significant Disruption' Sinking Valeant

Jun 7, 2016 at 11:49 AM
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The Dow Jones Industrial Average (DJIA) is solidly higher, and earlier touched the round 18,000 mark for the first time since late April. Driving stocks upward today -- including Dow pacesetter Chevron Corporation (NYSE:CVX), up 2.5% -- is a rally in energy. This includes a pop in oil prices, with July-dated crude futures last seen up 0.8% at $50.10 per barrel, amid a softer dollar and continued supply disruptions in Nigeria. Meanwhile, the broader S&P 500 Index (SPX) has extended its lead over the key 2,100 level.

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midday market stats june 7

Among the stocks with unusual options volume is bulk shipper DryShips Inc. (NASDAQ:DRYS), with the contracts running at five times the average intraday rate. At last check, the stock was down almost 45% at $1.31 -- and on the short-sale restricted list -- after a recent regulatory filing raised a major red flag on the company's viability.

One of the top stocks on the Nasdaq today is Sarepta Therapeutics Inc (NASDAQ:SRPT), as a Food and Drug Administration (FDA) note was met with analyst applause. At last check, the biotech stock has soared 25% to trade at $20.06 -- bouncing back from a recent FDA-induced sell-off.

SRPT daily chart

One of the worst stocks on the Big Board is retailer Ralph Lauren Corp (NYSE:RL), down 3.5% at $92.99. Pressuring the shares is a bleak full-year forecast, as well as the announcement of store closures and layoffs.

The CBOE Volatility Index (VIX) is off 0.2 point, or 1.1%, at 13.50.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.24, with puts outstripping calls. At last check, SPY is up 0.7 point, or 0.3%, at $212.08.

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