Stocks Jump; Dow Rises Triple Digits
The U.S. stock market rose on Wednesday after selling off on Tuesday. A lower dollar helped spur risk appetite and traders continue to hope that the recent dip in the market is the last for the year. In recent weeks stocks have been retracing losses that culminated in mid-November and the market has been steadily climbing once again, although the major averages are still well off of their highs for 2012.
The Dow Jones Industrial Average climbed 107 points to close at 12,985. The widely watched blue-chip average traded in a range between 12,765 and 12,989.
The SPDR S&P 500 ETF (NYSE: SPY) added 0.80 percent to $141.46. Volume was heavier than normal as investors chased the market higher. Around 151 million SPY shares traded hands on the session compared to a 3-month daily average of 130 million.
Crude oil continued to slide on the day. At last check, NYMEX crude futures, the U.S. benchmark, had lost 0.53 percent to trade near $86.72. Brent crude contracts shed 0.11 percent to $109.75. In ETF trading, the United States Oil Fund ETF (NYSE: USO) fell 0.59 percent to $31.79.
Precious metals did not benefit from improved risk sentiment in the equities market either. COMEX gold futures were last down 1.32 percent to $1,721.80 in the electronic trading session and silver futures had lost 0.85 percent to $33.79. The heavily traded SPDR Gold Trust ETF (NYSE: GLD) fell 1.28 percent to close at $166.55.
Treasuries were slightly lower on the session with the bond market weakening as stocks moved higher. The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) fell 0.14 percent to $125.11. The yield on the 10-Year Note fell one basis point to 1.62 percent.
The U.S. dollar moved lower throughout the day. The PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP), which tracks the performance of the greenback versus a basket of foreign currencies, lost 0.14 percent to $21.97. The closely watched EUR/USD pair was last down 0.13 percent to $1.2923.
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