Dow Jones Industrial Average Eyes 20,000 as Rally Resumes

Why Valeant Shares are Tanking Today

Dec 15, 2016 at 11:45 AM
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The Dow Jones Industrial Average (DJIA) is up triple digits at midday, with the "Trump rally" resuming after Wednesday's interest rate hike by the Fed. Stocks are also reacting positively to a round of mostly upbeat economic data, including a nine-year high on the NAHB housing market index. Against this backdrop, the Dow earlier came within 49 points of the 20,000 millennium level. On the other hand, a spike in the dollar is driving oil prices lower, with January-dated crude futures down 1.2% at $50.42 per barrel.

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

midday market stats dec 15

Among the stocks with unusual call volume at midday is Bed Bath & Beyond Inc. (NASDAQ:BBBY), with the contracts trading at 29 times the expected intraday clip ahead of the retailer's Dec. 21 earnings report. The weekly 12/23 50-strike call is in the lead by a mile -- with roughly 6,500 contracts on the tape -- and Trade-Alert confirms a bullish flow at this strike. Currently, BBBY is up 1.6% at $47.68.

One of the poorest performers on the Nasdaq is Yahoo! Inc. (NASDAQ:YHOO), down 3.7% at $39.41. The internet stock is sliding on news of another massive data breach, which could jeopardize its merger plans with Verizon Communications Inc. (NYSE:VZ).

yhoo daily dec 15

On the New York Stock Exchange (NYSE), the top performer today is retailer Pier 1 Imports Inc (NYSE:PIR), up 36% at $8.81 -- and fresh off an annual high of $8.94. Fueling the rally is PIR's major earnings beat and boosted guidance for 2017, which inspired a round of bullish brokerage notes.

The CBOE Volatility Index (VIX) is off 0.1 point, or 0.7%, at 13.10.

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.25, with puts outstripping calls. At last check, SPY was up 1.3 points, or 0.6%, at $227.21.

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


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