Dow Jones Industrial Average Hits a New High

Barron's: Top Pick 'Inexpensively Priced' Ahead of Earnings

Alex Eppstein
Dec 5, 2016 at 12:04 PM
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The Dow Jones Industrial Average (DJIA) is solidly higher, after being up triple digits earlier and touching a fresh all-time peak of 19,274.85 -- while shrugging off political uncertainty in Italy. Also boosting stocks was a better-than-expected Institute for Supply Management (ISM) non-manufacturing index -- which echoed a ninth straight monthly rise in the Markit services purchasing managers index (PMI) -- as well as a rally in oil prices. At last check, January-dated crude futures were up 0.7% at $52.06 per barrel, after exploring annual highs. Finally, rate-hike expectations continue to grow ahead of next week's monetary policy meeting, following hawkish remarks from New York Fed President William Dudley.

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

midday market stats dec 5

Among the stocks with unusual call volume at midday is financial giant Deutsche Bank AG (NYSE:DB), with the contracts running at nine times the expected intraday rate. The bulk of the action is transpiring at the January 2018 27-strike call, where a block of 16,856 contracts was most likely bought to open. Currently, DB shares are hovering 4.1% higher at $16.38.

One of the top performers on the New York Stock Exchange (NYSE) is oil-and-gas issue Chesapeake Energy Corporation (NYSE:CHK). The stock has shot 4.7% higher to trade at $7.57, after the firm secured a $450 million asset sale, putting the critical $8 level back into play.

161205chk

One of the worst stocks on the Big Board so far is precious metals producer Kinross Gold Corporation (USA) (NYSE:KGC). The shares have shed 5% at $3.30, following a bearish note at Citigroup and amid a decline in gold prices.

The CBOE Volatility Index (VIX) is down 1.62 points, or 11.5%, at 12.50.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.42, with puts edging out calls. At last check, SPY has advanced 1.5 points, or 0.7%, at $221.15.

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