Monday Green on the Street!
Wall Street jumped higher in Monday action, as equities continue to be held hostage by Washington policy makers. Fiscal cliff optimism sent all three major averages higher following last week’s decline. There was no economic news of significance allowing progress in fiscal cliff negotiations to send major averages to session highs by the close. It was the first gain in four sessions for the blue chips as Bank of America Corp. (BAC) led the gains. The Dow Jones Industrial Average was up 100.38 points, or 0.8%, to close at 13,235.39. The S&P 500 ended at 1,430.37, up 16.79 points, or 1.2%, with financials leading the advance among its 10 major industry groups. The Nasdaq Composite climbed 39.27 points, or 1.3%, to 3,010.60. Tomorrow we will get a look at our first housing data point of the week. If improvement continues on that front, coupled with progression in fiscal negotiations, we should be in for a nice little green session.
Crude followed up Friday’s gains with another solid session. Crude for January delivery rose 47 cents, or 0.5%, to $87.20 a barrel on the NYMEX. Gold was once again unable to reclaim the $1,700 mark. The precious metal rose $1.20, or 0.1%, to settle at $1,698.20 an ounce.