Dow Rallies Triple Digits to Start Week
The Dow Jones Industrial Average rallied sharply to start the week on Monday. The Dow Jones Industrial Average jumped a little over 100 points to close at 13,235. The widely watched blue-chip index traded in a range between 13,134 and 13,244.
The SPDR S&P 500 ETF (NYSE: SPY) jumped 1.19 percent to $143.80. Volume was lighter than normal with around 101 million SPY shares trading hands compared to a 3-month daily average of 133.6 million.
The PowerShares QQQ Trust ETF (NASDAQ: QQQ), which tracks the performance of the Nasdaq 100, added 1.32 percent to close at $65.54. The QQQ has now climbed better than 17 percent in 2012.
Crude oil climbed on the session. NYMEX crude futures, the U.S. benchmark, jumped 0.71 percent to $87.35 while Brent crude contracts fell 0.22 percent to $107.96. The United States Oil Fund ETF (NYSE: USO) added 0.63 percent to $32.01.
Precious metals were mixed on the day. At last check, COMEX Gold futures were up 0.12 percent to $1,698.90 while silver futures fell 0.02 percent to $32.28. The heavily traded SPDR Gold Trust ETF (NYSE: GLD) registered a gain of 0.19 percent to $164.46.
Long-term government bond prices plunged on the day. The iShares Barclays 20+ Year Treasury Bond ETF (NYSE: TLT) fell 1.50 percent to $121.75. The yield on the 10-Year Note jumped 7 basis points to 1.77 percent.
The U.S. dollar was flat 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, closed the day unchanged. The closely watched EUR/USD pair was last trading at $1.3160, essentially flat on the day.
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