Stocks higher on rebound in oil
McDonald's was one of the Dow's top performers Monday after saying sales rose 6% in April.
May 9th, 2011
11:00 PM ET

Stocks higher on rebound in oil

Some highlights from the day's business news:

U.S. stocks rose Monday as commodity prices regained ground, overshadowing worries about the fiscal crisis in Greece that hung over the market.

The Dow Jones industrial average rose 46 points, or 0.3%, to 12,684. The S&P 500 gained 6 points, or 0.5%, to 1,346. The Nasdaq Composite advanced 15 points, or 0.5%, to 2,843.

After a sharp sell-off last week, commodities rebounded Monday. Oil jumped 5% to above $102 a barrel. Silver prices gained 6% and gold rose over 1%.

Shares of Alcoa, Caterpillar and Chevron were among the top performers on the Dow. McDonald's rose nearly 1% after the fast-food chain said sales rose 6% in April. But the blue-chip average was hobbled by shares of Intel, which fell nearly 2%. Bank of America and JPMorgan were also weak.

Treasuries: No big bets ahead of auctions

The tug of war between the economic recovery and inflation kept bond traders sidelined Monday, as they waited for $72 billion of auctions this week.

The yield on the benchmark 10-year Treasury note held steady at 3.15%. It wasn't that long ago that the yield was closer to 4%.

In fact, just a couple of weeks ago, the 10-year yield was hovering around 3.6%, as investors fear that higher gas prices will result in broad-based inflation and slow economic growth.

Some experts don't think inflation is really a major threat. But there is underlying uncertainty about what will happen to the Treasury market once the Federal Reserve ends its $600 billion bond-buying program, known as QE2, in June.

Since Treasuries are considered a safe-haven in times of economic uncertainty, both camps have pushed up demand for U.S. bonds and sent yields lower recently.

- writers Ben Rooney and Annalyn Censky contributed to this report.

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Filed under: Business • Economy
soundoff (16 Responses)
  1. Cesar

    Chevron did better than Exxon; I'm surprised.

    May 9, 2011 at 11:14 pm | Report abuse |
  2. TvNYC

    Exxon mobil is a greedy company! They are the biggest company in the world yet ther market shares are flat! Get the fuk outta here. World is ending so who cares about making money. I'm going to enjoy my last days with my family!

    May 9, 2011 at 11:24 pm | Report abuse |
  3. Clint

    @TvNYC, do you feel lucky punk?

    May 9, 2011 at 11:31 pm | Report abuse |
  4. Cesar

    Where is my little troll? Ahhhhhh, it is asleep. Shhhhhh.

    May 9, 2011 at 11:48 pm | Report abuse |
  5. vic.l.vic

    have you visited

    May 10, 2011 at 3:26 am | Report abuse |
  6. vic.l.vic

    May 10, 2011 at 3:27 am | Report abuse |
  7. Joey

    Is it gone?

    May 10, 2011 at 6:11 am | Report abuse |
  8. Ernie

    When the fed stops pumping all this "funny money" via QE2 into the system: The markets are likely to drop fast. No one can borrow their way out of debt! Economics 101 teaches that, but the so called smart people running the fed, must have failed that class.

    May 10, 2011 at 6:28 am | Report abuse |
  9. Cesar

    Last nite someone banged me while asleep, my ass hurts and I can't crap

    May 10, 2011 at 6:56 am | Report abuse |
  10. Philip

    @Ernie...the Fed pumped over 3 trillion funny money dollars into our economy trying to stimulate it, while the Federal government only used-up 600 million of our tax dollars bailing out Wall Street. Now the federal reserve owns businesses and properties, like the Harley-Davidson corp. and the Crossroads Mall. Criticize the fed all you want. But until the Fed is audited it's all heresay and conjecture. (the federal reserve has never been audited)

    May 10, 2011 at 7:29 am | Report abuse |
  11. Philip

    The federal reserve is NOT a part of our government. The Fed takes orders from one foreign bank, NOT from Congress. That bank is The Bank for International Settlements. (what they call themselves nowadays)

    May 10, 2011 at 7:32 am | Report abuse |
  12. Philip

    An audit of the Federal Reserve would prove that our world's entire financial system is one big ponzi scheme. (how do you think Madoff got away with it for so long...they all do what he did) Money, like oil, is only worth as much as they tell you. Right now they have you believing gasoline is worth 4 bucks a gallon, while in reality it's only worth about 27 cents per gal. (roughly what an avg. Iraqi citizen pays for gasoline today)

    May 10, 2011 at 7:54 am | Report abuse |
    • Jazzzzzzzzzz

      So who pockets the rest? Pretty sure yo told me but pls say again.

      May 10, 2011 at 10:54 am | Report abuse |
    • Jazzzzzzzzzz

      Ans , the Federal reserve , right ?

      May 10, 2011 at 10:55 am | Report abuse |
  13. Cesar

    @6:56 Fake Cesar: And then?

    May 10, 2011 at 8:35 am | Report abuse |
  14. danielharris5

    Really a very good information that will be so helpful.

    November 16, 2011 at 4:22 am | Report abuse |