Snap Caps

December 29, 2009 by USA Post 

Snap Caps:U.S. stocks advanced Monday, sending the Standard & Poor’s 500 Index to its longest winning streak in almost two months as rising metal and oil prices drove rallies in commodities producers and offset speculation that interest rates will increase.

Canadian stock markets were closed for the Boxing Day statutory holiday.

Fannie Mae and Freddie Mac surged more than 20 per cent after the U.S. Treasury ended the caps on aid for the next three years. Banks fell the most in the S&P 500 as Fifth Third Bancorp and Wells Fargo & Co. retreated. The S&P 500 added 0.1 per cent to 1,127.78 in New York after gaining as much as 0.4 per cent.

It has rallied six straight days. The Dow Jones industrial average rose 26.98 points, or 0.3 per cent, to 10,547.08. The Nasdaq rose 5.39 points to close at 2,291.08.

U.S. gold futures for February delivery settled up $3.10 (U.S.) at $1,107.90 an ounce on the Comex division of the New York Mercantile Exchange.

Benchmark crude for February delivery added 72 cents to settle at $78.77 a barrel in light, holiday trading on the New York Mercantile Exchange. Futures contracts for oil, natural gas and heating oil have all become more expensive this month as snow storms blanketed parts of the U.S. and a sharp drop in supplies of crude and other fuels surprised traders.

Crude was also lifted by a report showing U.S. retail sales climbed 3.6 per cent over the holiday season from a year earlier, while China said its economy grew faster than estimated this year.

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