Dow Jones Industrial Average Rebounds as Key Fed Meeting Kicks Off

The Dow Jones Industrial Average (DJIA) has bounced back from an early morning retreat, amid today's kickoff of the Federal Open Market Committee (FOMC) policy meeting -- and despite ongoing uncertainty surrounding Greece's financial situation. Ahead of a scheduled meeting of eurozone finance ministers on Thursday, Greek Prime Minister Alexis Tsipras called out his creditors for trying to "humiliate" his government by pushing for financial "strangulation." Stateside, traders are digesting a steeper-than-expected drop in housing starts, and a nearly eight-year high in building permits.

 

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

 

• A look at 2 winning stocks in the outperforming financial and retail sectors.
• The catalyst behind this drugmaker's colossal gains.
• Plus ... Checking in on the CBOE Volatility Index (VIX), the SPDR S&P 500 ETF Trust (SPY), and other noteworthy stats at midday.

 

 

 

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Among the stocks with notable call volume is Reddi-wip parent ConAgra Foods Inc (NYSE:CAG), with the contracts running at 39 times the normal intraday rate. Plus, the stock's 30-day at-the-money implied volatility is up 15.3% at 34.3%, and just off a 52-week high.  According to Trade-Alert, buy-to-open activity is transpiring at the July 39 call -- CAG's most active strike by far. At last check, the shares were up 1.2% at $38.50, and approaching last month's all-time peak of $39.04.

 

The leading loser on the Nasdaq is Avalanche Biotechnologies Inc (NASDAQ:AAVL), after the drugmaker reported underwhelming data from a recent trial and got hit with a round of bearish brokerage notes. At last check, AAVL was down 51.3% at $18.94, and fresh off a record low of $18.60.

 

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One of the top gainers on the Big Board is cosmetics concern Coty Inc (NYSE:COTY), which has surged 19.7% to $31.18, and earlier touched a record high of $31.29. Buoying the shares is the company's acquisition of three businesses from Procter & Gamble Co (NYSE:PG).

 

The CBOE Volatility Index (VIX) is off 0.2 point, or 1%, at 15.24.

 

Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 2.13, with puts more than doubling calls. SPY was last seen 0.5 point, or 0.2%, higher, at $209.61.