Stocks Register Gains On Wednesday (SPY, QQQQ, GLD, USO, TLT, UUP)
The stock market finished in positive territory on Wednesday, but gave up a decent chunk of its earlier gains in afternoon trading. The Dow Jones Industrial Average climbed 46 points to close at 10,387.
The SPDR S&P 500 ETF (NYSE: SPY) gained 0.70% to $110.41. Volume was unbelievably light once again with around 150 million SPY shares trading hands compared to a 3-month daily average of 224.5 million.
The PowerShares QQQ Trust ETF (NASDAQ: QQQQ), which tracks the performance of the Nasdaq 100, gained 1.20% to finish at $46.25. The widely traded ETF's largest component company, Apple Computer (NASDAQ: AAPL), climbed nearly 2% to $262.92.
Gold was largely unchanged on Wednesday. Currently, COMEX gold futures are trading at $1,256.60. The SPDR Gold Trust ETF (NYSE: GLD) closed 0.01% higher at $122.71. The 52-week high in the GLD is $123.56.
Oil made its way back towards the $75 level on Wednesday. NYMEX crude futures gained 1.16% to $74.95. The United States Oil Fund ETF (NYSE: USO) closed New York Stock Exchange trading up 1.13% to $33.14.
Treasury prices pulled back as stocks moved higher, indicating that investors' were looking to take on more risk. The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) fell 0.79% to $104.86. The yield on the 10-Year note gained 5.7 points to 2.65%.
The U.S. Dollar was marginally weaker on Wednesday. The PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP), which tracks the performance of the dollar versus a basket of foreign currencies, fell 0.33%. The closely watched EUR/USD pair is trading at $1.2722.
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