The U.S. stock market grinded higher on Tuesday, closing the
day near session highs. Investors are currently enjoying a strong
start to the year as volatility has been near non-existent and
money continues to flow into risk assets. The major story on Wall
Street currently is earnings season with reports from Google
) and IBM (NYSE:
) on tap after the closing bell.
Existing Home Sales
The only major economic release on the docket for Tuesday was
existing home sales, which came in below expectations. Home sales
fell to 4.94 million in December versus 4.99 million in the prior
month. This came in below consensus expectations of 5.10
The Dow Jones Industrial Average climbed 62 points, or 0.46
percent, to close at 13,712.
The S&P 500 rose around 6.5 points, or 0.44 percent, to
finish at 1,492.5.
The Nasdaq was the laggard on the day, but still managed to
record a gain of better than 8 points, or 0.27 percent, to just
The U.S. dollar was slightly lower on the session. Heading
into the close, the PowerShares DB US Dollar Index Bullish ETF
), which tracks the performance of the greenback versus a basket
of foreign currencies, was down 0.11 percent to $21.83.
The closely watched EUR/USD pair was flat on the day. Other
notable currency movers included the Japanese yen, which fell
1.12 percent versus the dollar and the Australian dollar which
was up 0.46 percent versus the greenback.
Crude oil rose along with the stock market on Tuesday. At last
check, NYMEX crude futures were up 0.71 percent to $96.24. Brent
crude was trading up 0.64 percent to $112.64. Natural gas futures
lost 0.31 percent and were last trading at $3.55.
Precious metals were also higher on the day. COMEX gold
futures were last trading up 0.25 percent to $1,691.10 while
silver futures were up 0.92 percent to $32.23.
Grains were higher across the board with the exception of
wheat futures which lost 1.52 percent. Corn futures were last up
Late in the session, the iShares Barclays 20+ Year Treasury
Bond ETF (NYSE:
) was up 0.14 percent to $120.21. Yields were down one basis
point across the curve. The 2-Year was sitting at 0.24 percent
while the 5-Year yield was at 0.75 percent. The 10-Year Note and
30-Year Bond were yielding 1.83 percent to 3.02 percent,
Volatility and Volume
Despite a higher stock market, the VIX rose slightly on
Tuesday. With the index trading near 52-week lows, some investors
likely decided that now was a good time to buy some protection
for their portfolios. The VIX closed the day up 0.88 percent to
Volume was very light on the session with just 82 million SPDR
S&P 500 ETF (NYSE:
) shares trading hands compared to a 3-month daily average of 139
) shares were active on the session as rumors continue to swirl
about a possible private equity acquisition of the company. The
stock closed up more than 2 percent to $13.13. Reports indicated
that Microsoft (NASDAQ:
) may be interested in investing in a potential deal.
Research in Motion (NASDAQ:
) surged 13 percent on Tuesday after CEO, Thorsten Heins, said
that he would consider splitting the company up by selling off
the hardware division and licensing RIM's software.
Shares of Boeing (NYSE:
) fell around 1.20 percent on the day as investors continue to
fret about the company's Dreamliner problems.
Hard drive makers Western Digital (NASDAQ:
) and Seagate Technology (NYSE:
) surged on Tuesday ahead of WDC's earnings which are due out on
Wednesday after the close. Seagate climbed around 7 percent while
Western Digital closed with a gain of almost 6 percent.
) rose a little less than 1 percent after releasing its quarterly
Delta Air Lines (NYSE:
) jumped nearly 3 percent on the session in the wake of the
company's earnings results.
) closed the day with a better than 2 percent gain after
releasing its quarterly results.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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