Dow Jones Industrial Average Eyes Another Huge Win; Nasdaq Nabs New Record

Casting Doubt on Apple's 2017; Plus, Amazon Explodes

Sep 22, 2016 at 11:58 AM
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On the heels of Wednesday's huge win, the Dow Jones Industrial Average (DJIA) is again up triple digits on Fed tailwinds, while the Nasdaq Composite (COMP) is fresh off an all-time high. A rally in crude oil prices is also fueling the upward momentum among stocks, as November-dated crude futures are nearly 2% higher at $46.22 per barrel. Meanwhile, traders are digesting a raft of earnings reports and economic data, including an unexpected drop in August existing home sales and an 81st consecutive week of fewer than 300,000 initial jobless claims -- the longest streak in over four decades.

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

midday market stats september 22

Among the stocks with unusual call volume at midday is the United States Oil Fund LP (ETF) (USO), as the contracts are running at 12 times the normal intraday clip. With the exchange-traded fund (ETF) up 1.4% at $10.56 ahead of next week's key Organization of the Petroleum Exporting Countries (OPEC) meeting, it appears some traders are closing out their short October 11.50 calls -- as International Securities Exchange (ISE) data confirms nearly 40,000 contracts have been bought to close.

One of the top stocks on the New York Stock Exchange is Red Hat Inc (NYSE:RHT), fresh off a roundly applauded earnings report. At last check, the tech stock has advanced 4.8% at $80.75.

rht daily septemer 23

Among the worst performers on the Nasdaq is Jabil Circuit, Inc. (NYSE:JBL), fresh off a steep drop in quarterly earnings and some mixed analyst attention. Currently, shares of the AAPL supplier are down 5.2% at $22.49.

The CBOE Volatility Index (VIX) is down 1 point, or 7.7%, at 12.27.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.29, with puts outstripping calls. SPY was last seen 1.3 points, or 0.6%, higher at $217.10.

Find out where the Dow lands right after the closing bell. Sign up now for Schaeffer's Market Recap


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