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Dow Jones hits record high as tech stocks bounce

Major indices are trading higher Monday morning and the Dow Jones hit another record high in early morning trading. The markets are moving higher as tech stocks recover from last week’s sell off. Tech stocks have fallen for two straight weeks, , fueled by valuation concerns and investor concerns of money transferring to other sectors. Last week’s news that Amazon.com (AMZN) would be buying Whole Foods (WFM) continue to weigh on the grocery sector, with Wal-Mart (WMT) down 2.7% and Target (TGT) off 2.45%.

West Texas Intermediate crude is trading up $0.18 a barrel at $44.92. At present, the S&P 500 is up 0.64%, the DJIA is up 0.46%, and the NASDAQ is up 1.15%.

Here are your Friday morning market metrics. Industries doing well today include technology, basic materials, and financials. Industries showing weakness include energy, and utilities. The VIX is down 2.99% to 10.07 after closing on Friday at 10.38. The most heavily traded options this morning are for the S&P 500 SPDR ETF (SPY), with 39,3465 August 240 puts on the board. The total put/call ratio as of 10:00 AM was 0.67 (231,809/347,471). The advancers/decliners ratio for the NYSE is 1,820/1,035 and for the NASDAQ, 1,855/886.

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Michael Fowlkes

Michael Fowlkes is a financial writer who has been with the Fresh Brewed Media family since 2004. Over the course of his tenure with Fresh Brewed Media, he has worn many hats, including portfolio manager, options analyst, and writer. Michael received his undergraduate degree from Virginia Tech in Accounting and got his start in finance working as a stock trader for six years at Chase Investment Counsel in Charlottesville, Va.