A Mercurial Start To 201201.03.2012 By Markets Media
The first day of full blown trading started out with a bang on Tuesday as nearly every asset class gained several percentage points, save for the U.S. dollar which fell sharply in mid-day trading.
Equities soared with the Dow Jones Industrial Average gaining 179 points to end the day at 12,397. The S&P 500 jumped 2p19 points to close at 1277.
Commodities put equities to shame as precious metals, energy, softs and ags enjoyed multiple percentage point gains. WTI crude oil rose to over $102 a barrel in trading, reassuring energy traders that 2012 would be a bullish year for crude oil.
Meanwhile, gold stopped it’s multiple week downfall with a sharp reversal to the upside, gaining 2.3% to rise above $1600 an ounce. Silver rose over 6% and was quickly approaching $30 an ounce.
Nearly all currencies headed higher on Tuesday, including the embattled euro, which jumped nearly 1%. Pegged to the U.S. dollar, nearly every other currency posted strong gains.
The Managed Funds Association said LME has undermined confidence in its ability to oversee markets.
Lawsuits have been filed against the LME’s decision.
The claim challenges the LME’s cancellation of alleged nickel contracts executed on 8 March 2022.
The exchange launched on March 29 this year.
Micro WTI Crude Oil futures surpass 50,000 contracts traded.