Dow Jones Industrial Average Jumps In Record-Setting Session

The Biotech That's Up 40%

Jul 12, 2016 at 12:21 PM

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The Dow Jones Industrial Average (DJIA) is up triple digits, crossing back above the 18,300 level for the first time since May 2015 -- and nabbing a new all-time high along the way. What's more, the S&P 500 Index (SPX) hit a fresh record high of its own, while the Nasdaq Composite (COMP) is extending its newfound lead in positive year-to-date territory.

Stocks are reacting to aluminum giant Alcoa Inc's (NYSE:AA) strong start to second-quarter earnings season, as well as relatively dovish statements from St. Louis Fed President James Bullard, who reiterated his recent outlook toward raising interest rates. Meanwhile, Japanese Prime Minister Shinzo Abe's calls for a "bold" stimulus plan is boosting the risk-on backdrop, while energy stocks are surging as August-dated crude oil climbs 3.8% to $46.42 per barrel.

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

What has this biotech up almost 40%?
Pre-earnings skepticism is building on Netflix, Inc. (NASDAQ:NFLX).
Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

Midday market chart 071216

Among the stocks with unusual call volume is data storage specialist Seagate Technology PLC (NASDAQ:STX), with contracts crossing at nine times their usual pace. At last check, the stock was up 22.2% at $29.41, after the firm raised its fiscal fourth-quarter forecast and increased global layoffs.

Among the best performers on the New York Stock Exchange is content provider Shutterstock Inc (NYSE:SSTK), up 13.2% at $55.11, after the company inked a deal with Alphabet Inc (NASDAQ:GOOGL) to provide images for Google advertising services. SSTK is up over 70% year-to-date, and has gotten a lift from its 80-day moving average since late February.

SSTK 80 day MA 2 071216

BioLife Solutions Inc (NASDAQ:BLFS) is among the worst performers on the Nasdaq today, down 6.8% at $2.21. The stock is paring some of yesterday's gains following news of the healthcare company's partnership with Kite Pharma Inc (NASDAQ:KITE).

The CBOE Volatility Index (VIX) is down 0.6%, or 0.1 point, to 13.46.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 0.58, with calls having a strong lead over puts. SPY is up 1.7 points, or 0.8%, at $215.15.

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