Nasdaq Leads Stock Market Higher
The U.S. stock market moved higher throughout Thursday's trading session, with the biggest gains coming in the Nasdaq. The Dow Jones Industrial Average added a little less than 37 points to close at 13,022. The widely watched blue-chip index traded in a range between 12,961 and 13,062. The gains came despite reports that no progress has been made on the fiscal cliff negotiations.
The SPDR S&P 500 ETF (NYSE: SPY) rose 0.47 percent to close at $142.12. Volume was a little heavier than normal with 144.6 million SPY shares trading hands compared to a 3-month daily average of 131.8 million.
The PowerShares QQQ Trust ETF (NASDAQ: QQQ), which tracks the performance of the Nasdaq 100, climbed 0.60 percent to $65.91. The QQQ was helped by a better than 1 percent gain in Apple (NASDAQ: AAPL) shares.
Crude oil bounced back from recent losses on Thursday. NYMEX crude futures, the U.S. benchmark, were last trading up 1.53 percent to $87.81. Brent crude contracts added 0.90 percent to $110.50. In ETF trading, the United States Oil Fund ETF (NYSE: USO) added 1.20 percent to $32.17.
Gold and silver also rose along with stocks. COMEX gold futures were last trading up 0.52 percent to $1,727.80 in the electronic session. Silver futures added 1.67 percent to $34.34. The heavily traded SPDR Gold Trust ETF (NYSE: GLD) rose 0.41 percent to $167.23.
Treasury prices were largely flat on the day. The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) closed the session up 0.02 percent to $125.13. The yield on the 10-Year Note fell by one basis point to 1.62 percent.
A lower U.S. dollar helped the stock market 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 0.14 percent to $21.94. The closely watched EUR/USD pair was last trading at $1.2972, a gain of 0.15 percent.
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