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."

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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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