The DJIA is rallying with oil prices, though the COMP has given up an early lead
The Dow Jones Industrial Average (DJIA) has lost some steam since its intraday peak, but remains comfortably higher at midday, as U.S. stocks respond to a rally in oil prices. May-dated crude futures are up 6.7% at $39.75 per barrel -- on pace for their best finish since March 23 -- as investors hold out hope for a production freeze. In addition, last night's comments from Fed Chair Janet Yellen lifted sentiment across Wall Street, along with dovish remarks from New York Fed President William Dudley. Meanwhile, the S&P 500 Index (SPX) has moved back into the black for the year, though the tech-rich Nasdaq Composite (COMP) has given up an early lead.
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Among the names with unusual option volume
LinkedIn Corp (NYSE:LNKD), as the stock continues to fall after
another bearish note from Wall Street. With LNKD down 2.3% at $109.83, put options are crossing at twice the average intraday pace. The most popular strike is the weekly 4/8 110-strike put, and it looks like this option has attracted both eleventh-hour buyers and sellers. For those initiating long positions, they're hoping for LNKD to keep falling below $110 before today's close.
One of the top performers on the New York Stock Exchange is mining stock
Freeport-McMoRan Inc (NYSE:FCX). A
pair of bullish analyst notes have the shares 6.7% higher at $9.44. However, FCX's 200-day moving average has come into play during recent weeks, and may be acting as resistance.
Gap Inc (NYSE:GPS) is leading the losers on the Big Board, after the retail stock announced disappointing same-store sales for March. The shares have fallen 12.6% at $24.18, on pace for their lowest close since Feb. 12.
The CBOE Volatility Index (VIX) is down 0.8 point, or 5.1%.
Today's put/call volume ratio on the
SPDR S&P 500 ETF Trust (SPY) is 1.30, with puts outnumbering calls. The SPY is 1.2 points, or 0.6%, higher at $205.13.
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