Major Averages Close Near the Unchanged Mark
A day after a two percent rally, stocks closed near unchanged on Tuesday. Volume was light heading into the Thanksgiving holiday on Thursday. An accounting scandal involving Hewlett-Packard's (NYSE: HPQ) $11 billion acquisition of enterprise software-maker Autonomy was among the leading market stories on an otherwise slow day.
The Dow Jones Industrial Average fell a little more than seven points to close just above 12,788. The widely watched blue-chip index traded in a range between 12,701 and 12,808.
The SPDR S&P 500 ETF (NYSE: SPY) added 0.04 percent to $139.19, a gain of a mere 6 cents. Volume was light with around 112.3 million SPY shares trading hands compared to a 3-month daily average of roughly 130 million.
The PowerShares QQQ Trust ETF (NASDAQ: QQQ), which tracks the performance of the Nasdaq 100, rose 0.03 percent to $63.80. The QQQ has now added a little better than 14 percent in 2012.
Crude oil fell on the session and NYMEX crude futures, the U.S. benchmark, were last trading down 2.42 percent to $87.12. Brent crude contracts had lost 1.41 percent in electronic trading to $110.13. The United States Oil Fund ETF (NYSE: USO) fell 2.20 percent to $31.95 on Tuesday.
Precious metals were very slightly lower on the day. At last check, COMEX gold futures had shed 0.37 percent to $1,727.90 and silver futures were down 0.07 percent to $33.17. The heavily traded SPDR Gold Trust ETF (NYSE: GLD) fell 0.30 percent to close at $167.39.
Treasuries fell throughout the trading session despite lukewarm risk sentiment. The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) lost 0.99 percent to close at $124.41. The yield on the 10-Year Note rose five basis points to 1.66 percent.
The U.S. dollar was also slightly lower on the session. The PowerShares DB US Dollar Index Bullish ETF (NYSE: UUP), which tracks the performance of the greenback versus a basket of foreign currencies, fell 0.05 percent to $22.13. The closely watched EUR/USD pair was last trading at $1.2806, a gain of 0.29 percent on the day.
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