Stocks Jump, Dow Up Triple Digits
The stock market jumped on Tuesday as strong corporate earnings and maybe some election-day optimism triggered risk appetite on Wall Street. The move higher was led by the Dow Jones Industrial Average which tacked on 133 points to close at just above 13,245. The widely watched blue-chip index traded in a range between 13,113 and 13,291.
The SPDR S&P 500 ETF (NYSE: SPY) climbed 0.78 percent to $142.96. Volume was lighter than usual with around 101.3 million SPY shares trading hands compared to a 3-month daily average of 117 million.
The PowerShares QQQ Trust ETF (NASDAQ: QQQ), which tracks the performance of the Nasdaq 100, added 0.18 percent to $65.72. Losses in large tech stocks such as Apple (NASDAQ: AAPL) and Intel (NASDAQ: INTC) caused the Nasdaq 100 to underperform on the session.
Crude oil followed stocks higher on the day. NYMEX crude futures, the U.S. benchmark, rose 3.21 percent to $88.40. Brent crude contracts added 3.02 percent to $110.98. The United States Oil Fund ETF (NYSE: USO) closed the stock trading session up 3.01 percent to $32.56 after rallying throughout the day.
Precious metals also benefitted from increased risk appetite Tuesday. COMEX gold futures rose two percent to $1,716.80 while silver futures climbed nearly 3 percent to $32.04. The heavily traded SPDR Gold Trust ETF (NYSE: GLD) jumped 1.94 percent and closed the day at $166.40.
Treasuries fell as risk assets rose on the session. The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) registered a decline of 0.94 percent to $121.79. The yield on the 10-Year Note rose 6.3 basis points to 1.75 percent.
The U.S. dollar was only slightly weaker despite the rally in risky assets on Tuesday. The PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP), which tracks the performance of the greenback versus a basket of foreign currencies, fell 0.14 percent to $22.09. The closely watched EUR/USD pair was last trading at $1.2816, a gain of 0.13 percent.
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