Earnings reports from blue-chip companies such as Coca-Cola (NYSE:KO), Johnson & Johnson (NYSE:JNJ) and Goldman Sachs (NYSE:GS) helped to spark risk sentiment on Wall Street on Tuesday sending the Dow up triple digits. A rally in the euro also helped push money into equities.
The Dow Jones Industrial Average jumped more than 127 points to close just below 13,552. The widely watched blue-chip index traded in a range between 13,424 and 13,556.
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The SPDR S&P 500 ETF (NYSE:SPY) jumped 1.01 percent to close at $145.54. Volume was light with only 93 million SPY shares trading hands on the day compared to a 3-month daily average of 120.3 million.
The PowerShares QQQ Trust ETF (NASDAQ:QQQ), which tracks the performance of the Nasdaq 100, added 1.41 percent to $68.12. In the after hours, however, the QQQ had given back 0.25 percent.
The U.S. crude oil benchmark was slightly higher on the day, but Brent crude contracts fell. NYMEX crude futures added 0.27 percent to $92.10 while Brent contracts lost 0.48 percent to $113.85. The United States Oil Fund ETF (NYSE:USO) closed the session up 0.41 percent to $34.14.
Precious metals prices were helped by the rally in the stock market. COMEX gold futures rallied 0.67 percent to $1,749.20 while silver gained 0.75 percent to $32.99. The heavily traded SPDR Gold Trust ETF (NYSE:GLD) rose 0.64 percent to $169.42.
Treasuries fell as the stock market rallied. The iShares Barclays 20+ Year Treasury Bond ETF (NYSE:TLT) fell 1.37 percent to $121.98. The yield on the 10-Year Note rose 5.7 basis points to 1.72 percent.
The U.S. dollar was also lower on the day. The PowerShares DB US Dollar Index Bullish ETF (NYSE:UUP), which tracks the performance of the greenback versus a basket of foreign currencies, lost 0.43 percent to $21.75. The closely watched EUR/USD pair was last trading at $1.3043, a gain of 0.74 percent on the day.
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