(Submit Articles) Dow Jones Industrial Average rose 20.43 points, or 0.18%, to 11,691.18, the Standard & PoorÃ¢â‚¬â„¢s 500 slipped 1.69 points, or 0.13% to 1270.20 and the Nasdaq Composite lost 10.27 points, or 0.38% at 2681.25. FOX 50 added 2.19 points, or 0.24% to 910.85.
Shaking off a massive sale of commodities such as fuel and building dinner Monday-point rally in 1993, landed the blue chips to their highest level since August 2008 Ã¢â‚¬“ months before bankruptcy of Lehman Brothers.
Ã¢â‚¬Å“Given the run we had in December and sharp rebound from yesterday you would think that the market wants to give something back,Ã¢â‚¬ said Peter Kenny, managing director of Knight Capital Group.
Wall Street appears ready to return a portion of recent gains to technical factors and a stronger dollar in the United States has sent crude fall below $ 90 a barrel and gold, its steepest one-day fall in six months.
Ã¢â‚¬Å“We were overwhelmed by what was intended to return without any particular reason for it,Ã¢â‚¬ said Michael James, managing director of equity trading at Wedbush Securities, citing the Ã¢â‚¬Å“moving relentlessly upward throughout December.Ã¢â‚¬
However, the majority of Dow Jones stocks managed to close in the green, led by Alcoa (AA: 16.35, 0.00, 0.00%) and Walt Disney (DIS: 39.67, 0.00, 0, 00%). index laggards were McDonaldÃ¢â‚¬â„¢s (MCD: 74.21, 0.00, 0.00%) and Coca-Cola Company (KO: 63.03, 0.00, 0.00%).
Nasdaq Composite gave up its highest level since December 2007, as technology stocks, such as Autodesk (ADSK: 41.26, 0.00, 0.00%) and Oracle (ORCL: 31.17, 0.00, 0.00%) withdrew.
U.S. markets bounced off lows after the Federal Reserve released the minutes of policy meeting month. Minutes showed the central bank is not aware of recent improvements in the economic justification to change the program to 600 billion dollars, which is known as the Ã¢â‚¬Å“QE2Ã¢â‚¬³. Indeed, some Fed officials saw a Ã¢â‚¬Å“fairly highÃ¢â‚¬ threshold changes in a controversial program.
Policy makers are bullish economy, says the gradual recovery of growth and reduce the risk of paralysis of a deflationary spiral.
Earlier in the day Wall Street has been weighed down by weak commodity prices. Hitting energy stocks like Schlumberger (SLB: 80.54, 0.00, 0.00%) and Valero (VLO: 23.77, 0.00, 0.00%), crude oil had its worst day since mid-November, scuba diving $ 2 , 17 a barrel, or 2.37% at $ 89.38.
The basic materials sector, led by stocks like AK Steel (AKS: 16.60, 0.00, 0.00%) and Rio Tinto (RIO: 68.59, 0.00, 0.00%) decreased by nearly 1%. Gold posted its biggest decline since February, plunging $ 44.10 an ounce, or 3.10% at $ 1378.50.
Stocks and commodities have also been hampered by the dollar, which came together to provide the lowest level following a surprise increase in orders to U.S. factories. The Department of Commerce. industrial orders rose 0.7% in November, compared with forecasts of a 0.1% decrease. Excluding transportation, factory orders rose 2.4%.
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