U.S. Stocks Rise on Alcoa Bid
After moving higher at the
start of trading, the U.S. stock markets continued to hold at the
highs of the day. The strength in the markets came as traders have
gone bargain hunting following recent weakness.
Nonetheless, while the Dow
and the S&P 500 have moved firmly into positive territory, the
Nasdaq underperformed. Notable losses by some disk drive and
biotechnology stocks helped to limit the upside for the tech-heavy
Nasdaq.
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Crude for March delivery
closed up 2.2% to $59.06 a barrel as the International Energy
Agency increased its forecast for global oil consumption this
year.
After seeing some weakness
in the previous session, the price of gold regained some ground
during trading on Tuesday. Gold for April delivery closed up $1.20
at $668.50 an ounce after ending Monday’s trading down $5 an
ounce.
Our
PowerRatings
Heat Maps*
from Monday’s close has started to become more neutral after
looking bearish over the last several sessions. While no
particular sector is showing a majority of high PowerRated stocks,
it will be interesting to see if we continue seeing upside
momentum after the last week’s selloff.
Click here for a free trial to our PowerRatings Heat Maps.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com