Markets Higher On Weak Dollar
The U.S Dollar dropped today, pushing the stock markets higher. The inverse relationship continues to hold true. The PowerShares DB US Dollar Index Bullish (NYSE:UUP) is trading at $23.16, -0.11 (-0.47%) while the SPDR S&P 500 ETF (NYSE:SPY) trades higher at $128.60, +1.17 (+0.92%). The markets continue to have extremely light volume. At this point, the markets are waiting for the Federal Reserve's Beige Book at 2:00pm ET.
Commodities are leading the charge for the second day in a row. Chevron Corporation (NYSE:CVX) has hit a new 52 week high at $92.75 while Exxon Mobil Corporation (NYSE:XOM) has done the same. These are two major Dow Jones Industrial Components and are both helping keep the markets nicely higher.