Dow Jones Industrial Average Gains 285 as Oil Pops

The Dow Jones Industrial Average (DJIA) enjoyed its second day of triple-digit gains, as markets around the globe continued to shake off their post-"Brexit" blues. Stocks also reacted as oil popped -- briefly touching the key $50 level -- and biotechs boomed, overshadowing a mixed batch of economic data.

Continue reading for more on today's market, including:

• The "potentially devastating consequences" facing this hot software stock.
• While this cancer stock soared in step with its sector peer, this other biotech jumped on upbeat drug data.
• Why option traders bombarded SPDR Gold Trust ETF (GLD) and iShares Silver Trust ETF (SLV).
• Plus... Pending homes sales slip, GE Capital scores a regulatory win, and the $2.2 billion M&A news hitting the Street.
  

The Dow Jones Industrial Average (DJIA - 17,694.68) jumped 285 points, or 1.6% --  adding over 250 points for the second day in a row. Home Depot Inc (NYSE:HD) was the lone Dow loser, shedding 0.1%, while Nike Inc (NYSE:NKE) enjoyed a post-earnings gain of 3.8%, the most among the 29 Dow winners.

The S&P 500 Index (SPX - 2,070.77) gained 1.7%, or 34.7 points, to reclaim both its 80-day and 10-day moving averages. The Nasdaq Composite (COMP - 4,779.25) jumped 1.9%, adding 87.4 points.

The CBOE Volatility Index (VIX – 16.64) dropped 2.1 points, or 11.3%, for its lowest finish since June 9.

5 Items on Our Radar Today: 

1. Pending home sales fell 3.7% last month, according to the National Association of Realtors -- much more than economists had expected. May marks the index's first year-over-year drop in nearly two years, and points to a second-quarter slowdown in the housing market. (Reuters)
2. General Electric Company's (NYSE:GE) financial division -- GE Capital -- was officially removed from the government's "systemically important financial institution" (SIFI) list, after it sold off over $150 billion in assets. Now that GE Capital is no longer "too big to fail," it doesn't have to adhere to strict financial guidelines and heavy supervision. (CNNMoney)
3. Honeywell International Inc. (NYSE:HON) -- which announced a leadership shake-up -- option bears are on the prowl. 
4. Even negative analyst notes couldn't keep Nike sidelined.
5. Apollo Global Management LLC's (NYSE:APO) $2.2 billion Diamond Resorts International Inc (NYSE:DRII) purchase captured Wall Street's attention.

Data courtesy of Trade-Alert

Commodities:

August-dated crude oil jumped 4.2%, or $2.03, to end the day at $49.88 per barrel -- briefly touching the key $50 mark -- on its second straight day of gains. The weekly crude inventories report showed a larger-than-expected decline of 3.9 million barrels, and potential shortages out of Norway and Venezuela also boosted black gold.

August-dated gold ended the day up $9.00, or 0.7%, at $1,326.90 per ounce -- the best close since July 11, 2014. The precious metal climbed as the dollar retreated, and investors continued to show an appetite for "safe haven" assets after last week's surprising "Brexit" vote.