Triple Digit Gain for the Dow Jones and Week Ahead (UUP)
Stocks have made their way to strong gains on the back of a broad-based buying effort, thanks to a strong dollar which means go PowerShares DB US Dollar Index Bullish (NYSE:UUP)
A moderately weaker dollar helped entice buyers to extend last week's strong finish and give stocks a strong start to the session. The dollar has since recovered to sport a 0.2% gain, but the positive tone among participants has persisted.
Despite the dollar's bounce, commodities stocks and materials stocks have been some of the best performers in recent action. That has the materials sector up to a 1.4% gain. Alcoa (NYSE:AA) has been a primary leader for both the materials sector and the broader market, thanks partly to an upgrade by analysts at Morgan Stanley.
Large-cap tech continues to be a driving force behind recent gains in the Nasdaq, which hit a fresh 52-week high this session. Thanks partly to an upgrade from analysts at Barclays, Intel (INTC) has provided the tech-rich index with leadership this session. Shares of the semiconductor giant hit a fresh 52-week high in the first few minutes of trade.
Back to the PowerShares DB US Dollar Index Bullish (UUP), last week PowerShares filed to create another 240 million shares and the SEC is likely to approve that action, but it will take some time to get the new shares to market. UUP tracks the performance of the dollar against the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc. Today the UUP is up .5% and trading just above $23 a share.
Here's more on the week ahead on this short trading week: