A Mercurial Start To 2012
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.
Micro WTI Crude Oil futures surpass 50,000 contracts traded.
They are the latest tool from CME to help establish a forward curve for a key material in the green economy.
6,344 new ICE Murban Crude Oil futures contracts traded on the first day.
The exchange plans to launch IFAD and trading in ICE Murban Crude Oil Futures on March 29.
The exchange will launch the first futures contracts based on Murban crude oil.