Mid-Day Market Update: U.S., Europe, & Commodities Surge (USO, GLD)

U.S. and European equities are up considerably on Tuesday, as corporate earnings optimism swept across markets. Additionally, commodities, led by gold and oil, surged as the dollar fell. London's FTSE Index and Germany's DAX Index both gained over 1.7% after positive earnings from Alcoa AA set a positive target for the coming earnings season. A good showing for Greece's debt auction offset a Moody's downgrade in Portugal's debt rating, sending the Euro higher against the dollar. The Dow Jones Industrial Average, the S&P 500, and the NASDAQ are all up over 1.5% in trade this morning. Every DOW 30 stock is trading higher. Commodities are getting a boost from the weak dollar as well, with gold trading higher, to $1215 an ounce. The SPDR Gold Trust ETF GLD is up 1.3% today. Additionally, oil futures are trading up $2 to $77/ barrel. The United States Oil Fund USO is up close to 3% today.