Ahhhh……. the punch bowl remaining firmly on the table has lifted the enthusiasm of investors.
U.S. stocks jumped, sending the Standard & Poor’s 500 Index above its record closing level, as Federal Reserve Chairman Ben S. Bernanke backed sustained monetary stimulus.
The S&P 500 gained 1.4 percent to 1,675.11 at 4 p.m. in New York. The index topped the closing record of 1,669.16 reached May 21, erasing losses since Bernanke first suggested the Fed might curb stimulus this year. The Dow Jones Industrial Average jumped 169.72 points, or 1.1 percent, to 15,461.38 today, also a record close.
Spot Gold continued to add to gains after our local market closed yesterday, peaking out at the 1300 level before settling back to the 1286 zone . The GDX ( miners index ) gapped up and put on a sizeable 7.5 %.
Copper pushed to a 3 week high adding 2.8 % to close at 3.18
The USD index has fallen off a cliff in the last 2 days, losing over 2 cents, wiping out 2 weeks of gains in a couple of sessions. 82.72
WTI crude fell $ 1.32 to 104.91 after rising strongly for the last two weeks virtually unabated.
