Market Overview

Stocks Rise; S&P Closes Above 1,400 For First Time in 4 Years

U.S. stocks continued their 2012 rally on Thursday as the S&P 500 closed at a four year high. Continued bullish sentiment helped propel the Dow Jones Industrial Average up more than 58 points to close at 13,253. The widely watched blue-chip index traded in a range between 13,170 and 13,253 closing the day right at session highs.

The SPDR S&P 500 ETF (NYSE: SPY) surged 0.58% to finish at $140.72. Volume was slightly above average with roughly 150.4 million SPY shares trading hands compared to a 3-month daily average of 145.3 million.

The PowerShares QQQ Trust ETF (NASDAQ: QQQ), which tracks the performance of the Nasdaq 100, added 0.29% to $66.68, underperforming both the Dow and S&P. A marginal decline in Apple (NASDAQ: AAPL) shares contributed to the underperformance.

Crude oil fell despite the positive stock market sentiment. NYMEX crude futures lost 0.07% to $105.36 while ICE Brent contracts shed 1.62% to $122.56. The United States Oil Fund ETF (NYSE: USO) registered a decline of 0.35% to $40.27 on the session.

Precious metals bounced back from losses yesterday and benefitted from increased risk appetite. COMEX gold futures rose 0.86% to $1,657.00 while silver futures rose 0.85% to $32.455. The heavily traded SPDR Gold Trust ETF (NYSE: GLD) climbed 0.95% and closed at $161.08.

Long-term Treasuries were marginally higher on the session despite continued bullish sentiment in the stock market. The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) rose 0.15% to $111.21. The yield on the 10-Year Note rose 1.1 basis points to 2.28%, indicating that the 10-Year actually fell very slightly on the day.

The U.S. Dollar fell on Thursday which helped propel the moderate rally in risk assets. The PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP), which tracks the performance of the greenback versus a basket of foreign currencies, lost 0.40% to $22.33. The closely watched EUR/USD pair is currently trading at $1.3096.

Posted-In: Bonds Broad U.S. Equity ETFs Futures Commodities Currency ETFs Forex Intraday Update Markets

 

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