Traders must have gotten a few decent nights’ sleep this weekend, because the market opened with the kind of exuberance that has been completely absent in recent weeks. Banks appear to be leading the charge forward, sending the Dow up more than 300 points in morning trading, but every sector is participating. Europe appears to be closer to shoring up its bailout facility, giving the market hope that investors can move on from this particular fear.
West Texas crude oil jumped 2.5% to more than $99 per barrel in morning trading, sending shares of oil companies higher in morning trading. Anadarko Petroleum (APC), for instance, rose 6.9%. Anadarko was also rising because the company announced that it now expects to find twice as much natural gas off of Mozambique as it had forecast earlier.
Materials stocks are also rising with a vengeance. Freeport-McMoran Copper (FCX) is up 6.2% and BHP Billiton (BHP) is trading 6% higher.
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