Stocks Turn Higher in Volatile Session
February crude futures are up more than 6% at midday
In the wake of Monday's historic Christmas Eve sell-off, stock market volatility has flared up once more, with the Dow Jones Industrial Average (DJI) exploring a 366-point trading range on both sides of breakeven so far. After hitting a fresh 15-month low earlier, the blue-chip index was up triple digits most recently, on track to snap a four-day losing streak. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also pacing for their first win in five sessions, as oil prices surge. At last check, February-dated crude is 6.1% higher to trade at $45.13.
Continue reading for more on today's market, including:
Options bears have been piling on Intel stock lately.Amazon stock gets a boost from record holiday sales.Plus, CI options trader eye bigger gains; Chesapeake Energy stock bounces; and Symantec stock bear signal proves reliable.
Cigna Holding Co (NYSE:CI) is seeing unusual options volume today, with more than 6,100 calls traded so far -- eight times what's typically seen at this point, and volume pacing in the 98th annual percentile. Leading the charge is the January 2019 195-strike call, where new positions are being purchased. At last check, CI was up 1.7% to trade at $181.01, so options traders are clearly banking on a bigger rally from the healthcare stock in the new year.
Chesapeake Energy Corporation (NYSE:CHK) is near the top of the New York Stock Exchange (NYSE) today, up 7.8% to trade at $1.86. The energy stock may be rallying with oil prices, but whatever the reason, the rally is much needed. CHK fell to a nearly two-year low of $1.71 on Monday, and has faced pressure from its descending 20-day moving average since mid October.
