Tech Leads Tuesday Advance!
While the release of the new Superman movie trailer, Man of Steel, was the most important item of the day, Wall Street posted gains on the session as fiscal cliff optimism and a rebound in Apple Inc. (AAPL) paved the way for a green finish. After all of the post-election hoopla surrounding the re-election of president Obama and the pending tax hikes associated with his second term, equities have found a way to claw back, finding their mojo to close the year on a high note (hopefully). As I have said time and time again, there is really no place else to put your money. The economic news was light on the day, as the December FOMC meeting got underway. After being up well over 100 points, the Dow Jones Industrial Average closed up 78.56 points, or 0.6%, to 13,248.44. It was the fifth consecutive advance for the blue chips. The S&P 500 advanced 9.29 points, or 0.7%, to 1,427.84, with the technology sector the biggest gainer. The Nasdaq Composite Index climbed 35.34 points, or 1.2%, to end at 3,022.30.
Crude rose for the first time in six sessions. Oil futures for delivery in January rose 23 cents, or 0.3% to settle at $85.79 a barrel on the New York Mercantile Exchange. On the other side of the spectrum, gold declined for the first time in four, falling $4.80, or 0.3%, to settle at $1,709.60 an ounce.