Stocks Jump; Nasdaq Adds More Than 1%
The U.S. stock market rallied on Tuesday as major averages continue to retrace some of the losses recorded in October and November. Investors are likely looking forward to the so-called "Santa Claus rally" ahead of Christmas time when the market has historically done well.
The Dow Jones Industrial Average added around 78 points to close at 13,248. The widely watched blue chip average traded in a range between 13,170 and 13,309. The Dow was the worst performer of the major averages despite a healthy gain.
The SPDR S&P 500 ETF (NYSE: SPY) climbed 0.68 percent and closed the session at $143.44. Volume was a little heavier than usual with around 136.7 million SPY shares trading hands compared to a three-month daily average of 133.6 million.
The PowerShares QQQ Trust ETF (NASDAQ: QQQ), which tracks the performance of the Nasdaq 100, surged 1.31 percent to $65.97. A two percent jump in Apple (NASDAQ: AAPL) helped the QQQ to lead the way on Tuesday.
Crude oil was slightly higher on the day. At last check, in the electronic session, NYMEX crude futures, the U.S. benchmark, had risen 0.18 percent to $85.71. Brent crude contracts were trading up 0.76 percent to $108.15. In ETF trading, the United States Oil Fund ETF (NYSE: USO) rose 0.25 percent to $31.47.
Precious metals were down on Tuesday. COMEX gold futures were last trading around 0.17 percent lower at $1,711.40 while silver futures had lost 1.01 percent to $33.04. The heavily traded SPDR Gold Trust ETF (NYSE: GLD) lost 0.09 percent and closed the equity session at $165.65.
Long-term Treasuries moved sharply lower on the day. The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) lost 0.78 percent to $124.03. The yield on the 10-Year Note rose 4 basis points to 1.65 percent.
The U.S. dollar also declined on 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 0.36 percent to close at $21.88. At last check, the closely watched EUR/USD pair was trading at $1.3003, a gain of 0.49 percent.
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