Tuesday, February 28, 2012

The Dow finally closed above 13,000!

Can we stop talking about Dow 13,000 now?

The Dow Jones Industrial Average rose 23.61 points to 13,005.12, boosted by a strong reading on consumer confidence.

The S&P 500 Index climbed about 0.3%.

Currency and bond markets cared less about the U.S. data and were mostly transfixed on expectations for the European Central Bank's lending operation tomorrow – seen as a bellwether for whether the run-up in risky assets will continue. Read expectations of LTRO.

The euro hit a three-month high, trading at $1.3464, up from $1.3405 Monday. Yields on 10-year Treasury notes 10, which move inversely to prices, were down most of the day but turned up at the end to 1.94%.

Oil futures fell $2.01, or 1.9%, to settle at $106.55 a barrel.

Gold for April delivery added $13.50, or 0.8%, to $1,788.40 an ounce, rising for the first time since the metal reached a three-month high last Thursday.

Among big company news (and we mean one BIG company), Apple Inc.'s shares rose to $535 during the session, pushing its market capitalization over $499 billion. That's bigger than some entire sectors. Read related blog at Zerohedge.com.

No comments: