New York, NY, United States (AHN) – Stocks rallied Tuesday and propelled the Dow above the psychologically important 13.000 level. It was the first time the Dow surpassed the mark since May 2008.
Buoying markets was news that eurozone finance ministers had inked a deal for a second Greek bailout. Industrials lead the broad-based rally
Chevron, Alcoa, McDonalds, Home Depot and Bank of America were among the movers. Just before noon, the Dow had given back some gains, but was still up some 35 points to 12,986.43
The Standard & Poor’s 500 Index and the NASDAQ also advanced, led by energy, materials and consumer staples.
European shares steadied after hitting seven-month highs in the previous session.
Global markets were cheering the Greek deal that staved off what would have been a messy and chaotic default.
With little on the economic calendar for Tuesday, investors traded off the overseas news.
Commodities also enjoyed gains. Oil was up $1.54 to $104.78. Gold soared $31 to $1,756 a troy ounce, platinum jumped $40, palladium gained $15 and silver was up 55 cents.
On Wednesday, traders will be looking at mortgage applications, existing homes sales and a five-year note auction. On Thursday market participants will weigh in on jobless claims, a report on the FHFA home price index. oil inventories and Apple’s shareholder meeting. On Friday, moving markets will be a report on consumer sentiments and new home sales.
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