Markets closed up on Wall Street: DJI +1.04% SP500 +0.91% Nasdaq +0.71% Gold -0.5%.
The markets were up because:
1) Oil and commodities finally eased while Main Street saw some handcuffs. Oil (NYSE:USO) has been single-handedly threatening everything, but some OPEC members are offering rhetoric about increasing supply if need be. On another note, Raj Rajaratnam started his insider trading trial and the masses are still looking for handcuffs before trusting markets again. Now check out Wall St. Cheat Sheet’s Top 10 Oil Exchange Traded Funds for Your Investing List >>
2) Bank (NYSE:XLF) stocks rallied hard. Bank of America (NYSE:BAC) CEO Brian Moynihan financial services super market “can generate significant excess capital and return it to shareholders.” You better believe that’s what investors have been waiting a few years to hear. But MarketWatch Editor-in-Chief David Callaway asks Will The US Economy Absorb Higher Oil Prices?
3) Silver (NYSE:SLV) calmed down slightly and Gold (NYSE:GLD) took a rest. The fear trade was off today on Wall Street. CME Group (NASDAQ:CME) commentator Jordan Roy-Byrne CMT took a deeper look at precious metals to answer the frequently asked question “Why is Silver Outperforming Gold?”
Now that you’re in the know, enjoy those Fat Tuesday happy hours and parties!