U.S. markets make gains Tuesday morning
NEW YORK, Aug. 5 (UPI) -- U.S. stock indexes rose Tuesday as oil prices continued a two-day fall of more than $6 per barrel on lighter demand and few surprises on the supply side.
Oil recently tracked up $1.75 to $119.66 per barrel. But the price has trended down for a month after peaking in early July at more than $145 per barrel.
"The wheels seem to be coming off the commodity wagon as energy prices were hammered again, while base and precious metals are also experiencing sharp downturns," analysts at MF Global told The Wall Street Journal.
In midmorning stock trading, the Dow Jones industrial average was up 112.52 points or 1 percent to 11,396.67. The Nasdaq composite index rose 19.75 points or 0.93 percent to 2,306.90. The Standard & Poor's 500 rose 12.34 points or 0.98 percent to 1,261.31.
The 10-year U.S. Treasury note lost 2/32 to yield 3.976 percent.
The dollar was mixed. The euro traded at $1.5485 against Monday's close of $1.5584, while the dollar traded at 108.06 yen from Monday's 108.26 yen.
In Tokyo, the Nikkei average lost 18.52, off 0.14 percent, to 12,914.66.
Copyright 2008 by United Press International
