Stocks Rally, But Fizzle Into The Close

Optimism over a bailout agreement for Greece sparked a sharp move higher in stocks on Tuesday, but much of the gains evaporated late in the session. At its best levels, the Dow was up more than 300 points, before a Finanical Times report indicated that the Greek bailout deal may have to be re-worked. This led to a sharp sell-off in the last hour of trade, with the day's previous gains more than halved. The Dow Jones Industrial Average closed the session with a 146 point gain at 11,190. The widely watched blue-chip index traded in a range between 11,045 and 11,369. The SPDR S&P 500 ETF

added 1.12% to $117.54. Volume was a little lighter than normal with around 286.5 million SPY shares trading hands compared to a 3-month daily average of 292 million. The PowerShares QQQ Trust ETF

, which tracks the performance of the Nasdaq 100, gained 1.04% to $55.35. The QQQ is now up 1.63% in 2011. Crude oil skyrocketed on renewed economic hopes tied to a Eurozone debt solution. NYMEX crude futures surged better than 4% to $83.59. Spot Brent crude added 1.25% to $108.61. The United States Oil Fund ETF

gained 2.86% to $32.37 in NYSE trading. Gold moved strongly higher after last week's sell off. COMEX gold futures added 3.62% to $1,652.60. The SPDR GOld Trust ETF

surged 1.94% to $160.63. COMEX silver futures added 6.55% to $31.94 on Tuesday. Treasuries continued their retreat on improving risk appetite. The iShares Barclays 20+ Year Treasury Bond ETF

lost 1.53% to $117.07. The yield on the 10-Year Note gained 8.1 basis points to 1.98%. The U.S. Dollar fell on Tuesday, which gave a boost to risk assets. The PowerShares DB US Dollar Index Bullish ETF

, which tracks the performance of the greenback versus a basket of foreign currencies lost 0.59% to $22.05. The closely watched EUR/USD pair is currently trading at $1.3588.