Oil Leads Dow Jones Industrial Average to New High; S&P Win Streak at Risk

The Biotech Stock Getting Blown Out

Dec 12, 2016 at 11:55 AM
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While U.S. stocks are mixed at midday, the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) are still fresh off record highs. Specifically, the Dow is getting a big boost from oil majors -- as crude prices jump on an output agreement between members and non-members of the Organization of the Petroleum Exporting Countries (OPEC) -- and the SPX is on track to snap its longest winning streak in two years, as expected. Drilling deeper on crude oil prices, January-dated futures were last seen up 3.5% at $53.28 per barrel, and coming off their highest level since mid-2015.

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

midday market stats dec 12

Among the stocks with unusual call volume at midday is Advanced Micro Devices, Inc. (NASDAQ:AMD), as its calls are changing hands at double the expected intraday rate -- with 50,000 contracts on the tape. The December 11 call has seen notable action, with Trade-Alert detecting buy-to-open activity. AMD is up nearly 4% at $10.74, and fresh off an analyst-induced nine-year high of $10.93.

One of the biggest losers on the Nasdaq is drugmaker Depomed Inc (NASDAQ:DEPO), down 9.7% at $18.25. Hitting the shares -- and landing them on the short-sale restricted list -- is a downgrade at Piper Jaffray

depo daily dec 12

Among the top performers on the New York Stock Exchange (NYSE) is Whiting Petroleum Corp (NYSE:WLL), thanks in part to crude oil's explosive price action. At last check, the energy stock is 2% higher at $12.38 -- though its put options are trading at triple the expected intraday rate.

The CBOE Volatility Index (VIX) is up 0.8 point, or 6.7%, at 12.54.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.31, with puts edging out calls. At last check, SPY is off 0.4 point, or 0.2%, at $226.15.

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

 

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