1:00pm (EST)
The bulls are putting together a decent rally following today’s economic news as the Dow eyes 11,000.
The dollar has been weaker today which is help lifting commodity prices. Oil ($82.45, up $2.45), Copper ($3.52, up $0.12), Gold ($1,110, up $6) and Silver ($17.39, up $0.48) are all higher.
Also higher are the shares of metals companies, including Freeport-McMoRan (FCX, $82.38, up $3.21) which is up 4%, Joy Global (JOY, $58.31, up $1.22) is up 2% and Newmont Mining is (NEM, $50.20, up $0.82) is getting a 1% pop.
Financial stocks are mixed after the Treasury Department said it would start selling shares it owns in Citigroup (C, $4.16, down $0.15). The government owns nearly 8 billion shares, yes 8 billion, after giving the company $25 billion during the 2008 credit crunch.
Washington might not like Wall Street but we are sure they will be quiet about the $7.5 billion on the planned sale over the next year they stand to make. You think they will send us a cut since we own Citigroup too?
As we go to press, the Dow is holding steady at 10,885 – up 35 points while the S&P is higher by 5 to 1,171. The Nasdaq is showing an 8 point jump and stands at 2,403.
We profiled a new option trade this morning and we are closing another so we want to get to our Members Area. We will be back in the morning with the 9am update.
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