The markets charged upwards on Tuesday, bringing the S&P 500 just about two points shy of its record close of 1,565.15 despite a decline in home sales and worse than expected consumer confidence numbers. Buoying the markets was a strong increase in home prices and an strong increase in orders for durable goods.
At the close: DJIA: +0.77%, S&P 500: +0.78%, NASDAQ: +0.53%.
On the commodities front, WTI crude oil (NYSEARCA:USO) climbed 1.49 percent to $96.22 per barrel. The yield on the 10-year T-note fell 0.010 points to 1.910 percent. Gold (NYSEARCA:GLD) futures for June delivery, the most active contract, decreased $9.20 to close at $1,597.30 per ounce, while silver (NYSEARCA:SLV) futures for May edged 14 cents lower to finish at $28.70. Both precious metals continue to tread water as the Cyprus situation unfolds. Banks in the insolvent country will now stay closed until at least Thursday, in order to prepare capital controls and prevent a run on the banks. It has been more than a week since banks have opened.