Most Asset Classes Giving Back Gains

Most risky-asset classes saw bullish action at the beginning of Tuesday's trading session, however, most of these asset classes are giving back the earlier gains. Crude oil rose violently to just over $101 per barrel as headline crossed saying that Iran is planning on closing the Straits of Hormuz, where about 30% of the worlds oil passes through. Currently, the commodity is trading just below $100 per barrel at $99.89. Gold futures also broke to session highs at about $1680 an ounce as investors switched positions to risky-assets, before falling back to $1663.50 per ounce. U.S. equity markets saw strength as well when rumors circulated that the Fed will hint at some sort of quantitative easing at today's FOMC meeting. The Dow Jones Industrial Index was trading over 12,140, but currently is up about 0.5% at 12,080. Sign up for a free subscription to the Weekly Radar - Benzinga's weekly newsletter highlighting technical levels and analysis for major markets for the week ahead.