Stocks Stage Dramatic Late-Day Rally

The major U.S. equity averages spent most of Monday's session trading deep in the red, but a massive late-day rally propelled the stock market higher into the close. The Dow erased triple digit losses to finish up around 70 points at 11,061. The widely watched blue-chip index traded in a range between 10,824 and 11,061, finishing right on its highs. The SPDR S&P 500 ETF (NYSE: SPY) gained 0.64% to close at $116.66. Volume was above average iwth around 281 million SPY shares trading hands compared to a 3-month daily average of 279 million. The PowerShares QQQ Trust ETF (NASDAQ: QQQ), which tracks the performance of the Nasdaq 100, added 1.35% and closed at $53.90. The QQQ has lost 1.03% in 2011. Crude oil rallied higher on the session. NYMEX crude futures gained 1.67% to $88.70. Spot Brent crude added 0.13% to $112.38. The United States Oil Fund ETF (NYSE: USO) climbed 1.68% to $34.42. Treasuries were very marginally higher on the day despite the late day rally in equity markets. The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) added 0.11% to $113.83. The yield on the 10-Year note climbed 3.4 basis points to 1.95%. The U.S. Dollar was strong throughout Monday's trading session and then dived into the equity close. The PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP), which tracks the performance of the greenback versus a basket of foreign currencies, gained 0.05% to $21.92. The closely watched EUR/USD pair is currently trading at $1.3674.