The DJIA is up 260 points after ECB President Mario Draghi dropped stimulus hints
The Dow Jones Industrial Average (DJIA) is up triple digits at midday, as oil stabilizes following encouraging stimulus comments from overseas. Specifically, March crude futures have risen 4.3% to $29.58 per barrel, after European Central Bank (ECB) President Mario Draghi said shaky economic conditions may prompt the central bank to "possibly reconsider our monetary policy stance" at its March meeting. Additionally, the blue-chip barometer is getting a boost from Home Depot Inc (NYSE:HD) -- which is up 4% following an upbeat note from J.P. Morgan Securities -- and well-received earnings from Verizon Communications Inc. (NYSE:VZ).
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Among the stocks with unusual option volume today is
Starbucks Corporation (NASDAQ:SBUX), with both puts and calls changing hands at two times the average intraday rate. The coffee concern will step into the earnings confessional
after the close, and the stock's weekly 1/22 series is hot -- accounting for seven of SBUX's 10 most active options. At last check, the shares are 2.8% higher at $58.52.
Kinder Morgan Inc (NYSE:KMI) is one of the big winners on the S&P 500 Index (SPX) today. Despite the oil-and-gas issue recording a $1.15 billion write-down in the fourth quarter -- news that triggered price-target cuts at Goldman Sachs and SunTrust Robinson -- the stock is up 17.5% at $14.12. However, today's rally is being met with resistance at KMI's 20-day moving average, a trendline that's ushered the stock lower since last April.
Seagate Technology PLC (NASDAQ:STX) is one of the leading laggards on the SPX today, down 4.2% at $27.99. This negative price action is nothing new for the data storage provider, considering it's staring at a 23.6% year-to-date deficit.
The CBOE Volatility Index (VIX) is down 9% at 25.10.
Today's put/call volume ratio on the SPDR S&P 500 ETF Trust (SPY) is 1.45, with puts having the edge over calls. SPY is up 0.8% at $187.24 -- and keeping this critical level in play.