Dow Jones Industrial Average Taps New High as Oil Soars On OPEC Deal

December's 25 Worst Stocks; Plus, Oil Soars on OPEC

Nov 30, 2016 at 12:14 PM
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The Dow Jones Industrial Average (DJIA) is fresh off a record high, as stocks follow the bullish footsteps of oil prices. What's more, the S&P 500 Index (SPX) also hit a new all-time peak, led higher by energy stocks after the Organization of the Petroleum Exporting Countries (OPEC) agreed to its first output cut since 2008 -- reducing production by 1.2 million barrels per day. While January-dated crude futures are trading up 8.5% at $49.08 per barrel, the Energy Select Sector SPDR ETF (XLE) is on pace for its biggest one-day percentage gain since August 2015. Meanwhile, ahead of Friday's jobs report, traders are digesting larger-than-expected rise in private payrolls, and a relatively hawkish stance from Dallas Fed President Robert Kaplan, who said "we're at the point where we ought to remove some amount of accommodation."

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

MMC 161130

Among the stocks with unusual options volume at midday is retailer Express, Inc. (NYSE:EXPR), ahead of the company's earnings report tomorrow morning. EXPR is currently up 1.6% at $13.69, with puts crossing at 96 times their average intraday pace, outpacing calls 18,000 to just 191. However, it looks like traders may be hoping for a post-earnings volatility crush, selling to open the December 10 puts.

Jones Energy Inc (NYSE:JONE) is among the top performers on the New York Stock Exchange (NYSE) today -- rallying in step with its fellow energy stocks -- trading 18.4% higher at $4.50. Longer term, JONE is up 290% since its February lows. And, although the shares recently bounced off their 200-day moving average, they still sit below the $4.80-$5.20 level that has served as resistance for most of the year.

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Retailer American Eagle Outfitters (NYSE:AEO) is among the bottom performers on the NYSE today, down 13.6% at $16.34 -- and short-sale restricted -- after the company delivered a mixed earnings report. Nevertheless, AEO is still up 5.3% in 2016.

The CBOE Volatility Index (VIX) is up 0.5%, or 0.1 point, at $12.99.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.27, with puts outpacing calls. At last check, SPY was up 0.06%, or 0.2 point, at $221.06, after tapping a new record high of $221.82 earlier.

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