Relief Rally Sweeps Across Wall Street (SPY, QQQQ, GLD, USO, TLT, UUP)

The major averages spiked on Thursday on expectations of an Irish bailout and a better than expected Philly Fed reading. The Dow Jones Industrial Average gained 173 points to close at 11,181. The widely watched blue-chip index traded in a range between 11,010 and 11,200. The SPDR S&P 500 ETF SPY jumped 1.47% to $119.96. Volume was a little bit heavier than average with 197.4 million SPY shares trading hands compared to a 3-month daily average of 194.5 million. The PowerShares QQQ Trust ETF QQQQ, which tracks the performance of the Nasdaq 100, gained 1.61% to $52.43. The ETF's largest component Apple Computer AAPL added 2.64% to close at $308.43. Gold benefitted from a weaker dollar and posted a strong day. COMEX gold futures are currently trading at $1,357.50 on CME GLOBEX. The SPDR Gold Trust ETF GLD added 1.30% to $132.07 in NYSE trading. Crude oil also spiked during the session. NYMEX crude futures are currently trading at $82.39 on GLOBEX. The United States Oil Fund ETF USO surged 2.27% to close at $35.52. Long dated Treasuries also rallied on Thursday. The iShares Barclays 20+ Year Treasury Bond ETF TLT gained 0.41% to $96.00. The yield on the 10-Year Note is currently at 2.90%. The U.S. Dollar was weaker on the session, which gave a bid to risk assets. The PowerShares DB US Dollar Index Bullish ETF UUP, which tracks the performance of the greenback versus a basket of foreign currencies, fell 0.70% to $22.74. The closely watched EUR/USD pair is currently trading at $1.3643.