Before we jump into how the commodities market is doing, let’s take a look at the stock market. Stocks are trading higher today, but are not rallying as big as they did yesterday. The Dow is up 71 points, the Nasdaq is unchanged and the S&P is up 7 points. So what’s moving the market today – consumer data showed consumer confidence bounced back after hitting a 2.5 year low in November. Also, investors are hopeful for a solution in Europe soon on their debt crisis. Here’s how the commodities market is shaping up in midday trading.
Oil prices for January delivery rose today nearly $1 at $99.09. This jump comes as consumer confidence in the U.S. shot up, which means consumers will be more willing to spend money. Investors were also pleased to see Italy complete a bond auction although Italy had to pay yields above 7% which is an area many economists believe is unsustainable.
Gold prices are holding steady mostly today as they are down slightly at $1,709, a loss of $1.80 on the day. Silver prices are faring a little worse in midday trading, losing 1.23% at $31.76.
Overall it seems like the markets are taking a breather so far today after seeing a fast and furious rally yesterday. The Dow has rallied nearly 400 points in the past two trading sessions as investors were glad to hear some good news about the U.S. economy.