The DJIA is up triple digits, powered by a better-than-expected GDP reading and gains in crude oil
The
Dow Jones Industrial Average (DJIA) surged more than 200 points at the open, and while it's since given up a portion of those gains, the Dow remains up triple digits -- and is
back atop its 200-day moving average. The snap-back session is being fueled by
better-than-expected gross domestic product (GDP) data and consumer confidence numbers, as well as a rise in oil prices, which has sent energy stocks sharply higher. At last check, August-dated crude futures are up 1.7% at $47.15 per barrel, amid a potential strike in Norway.
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Among the stocks with unusual call activity is heavy machinery maker
Meritor Inc (NYSE:MTOR), with the contracts running at 14 times the usual intraday rate -- though the stock remains lightly traded, on an absolute basis. The shares have dropped 6.9% at $6.64 on a price-target cut to $8 at Goldman Sachs, but options traders seemingly expect a bounce, buying to open the now out-of-the-money August 7 call.
Among the noteworthy gainers on the New York Stock Exchange is
Dick's Sporting Goods Inc (NYSE:DKS), up 3.3% at $41.38. The shares are benefiting from Goldman Sachs' decision to add the retail stock to its
"Americas Conviction Buy" list.
Among the top gainers on the Nasdaq is
Horizon Pharma PLC (NASDAQ:HZNP), amid
reports of a potential stake sale. At last check, the biotech stock has surged 2.9% to hover near $15.47.
The
CBOE Volatility Index (VIX) has dropped 3.7 points, or 15.6%, at 20.12.
Today's put/call volume ratio on the
SPDR S&P 500 ETF Trust (SPY) is 1.42, with puts outpacing calls. At last check, SPY is up 2.1 points, or 1.1%, at $201.70.
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