Equities and precious metals broke ranks today, with US stocks following world markets higher. The Global Dow rose more than 1%, as strong European markets more than compensated for Asian losses. In the US, the Dow Industrials are on track to gain over 200 points, led by higher banking and tech stocks. The tech-heavy NASDAQ was up 2%.
Analysts aren't quite sure what was behind today's strength, but mention a weaker euro (helping European stocks) and strong housing data for the US. April's 16.6% jump in new housing sales was the largest gain in 24 years.
Crude oil scored its first gains in nearly a week, another factor in market optimism. But that didn't help the metals, facing headwinds from a stronger US dollar and the sense that it is their time to correct downward. Gold, platinum and silver were all 1% or more lower today, while the volatile gold and ... Log in or subscribe to continue reading.