Market Overview

Major Averages Close Mixed

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Stocks opened higher on Tuesday but proceeded to fall throughout the morning before rallying back to close near the unchanged line. The Dow Jones Industrial Average fell a little less than 21 points to 12,633 on the day. The widely watched blue-chip index traded in a range between 12,567 and 12,720. For the month, the U.S. stock market had its strongest January since 1997 with the Dow posting a gain of 3.4% and the S&P 500 rising 5.5%.

The SPDR S&P 500 ETF (NYSE: SPY) shed 0.04% on the session and closed at $131.32. Volume was lighter than normal with around 152.5 million SPY shares trading hands compared to a 3-month daily average of 190.6 million.

The PowerShares QQQ Trust ETF (NASDAQ: QQQ), which tracks the performance of the Nasdaq 100, added 0.13% to $60.53. In Tuesday's after hours, however, the QQQ has fallen 0.38% to $60.30 after disappointing earnings results from Amazon.com (NASDAQ: AMZN).

Crude oil futures fell slightly on Tuesday, with NYMEX crude futures losing 0.54% to $98.25. ICE Brent contracts, however, rose 0.21% to $110.98. In ETF trading, the United States Oil Fund (NYSE: USO) lost 0.50% to $37.82.

Gold rose on the day, continuing its recent strong price action. COMEX gold futures added 0.37% to $1,740.80. The SPDR Gold Trust ETF (NYSE: GLD) climbed 0.76% to $169.31. Silver, on the other hand fell on the session, with COMEX silver futures losing 1.09% to $33.16.

Treasuries continued a strong rally to start the week with the iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) gaining 1.13% to $120.85. The yield on the 10-Year Note losing 4.7 basis points to 1.80%.

The U.S. Dollar moved up on the day, which helped to curtail risk appetite. The PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP), which tracks the performance of the greenback versus a basket of foreign currencies, gained 0.23% to $22.12. The closely watched EUR/USD pair was last trading at $1.3083.

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