August 11, 2011
Bargain hunting swept stocks higher with the Dow jumping four percent to 11,143 in the latest of the market's big swings. Easing concern of a meltdown in the French banking system boosted confidence as did declines in weekly jobless claims which are indicating that the US labor market is improving. Oil shot up $4 to $85 while the safe-haven premium fell back in gold which fell $50 to $1,740. Treasury yields soared as money moved to risk making for the weakest results in memory at the monthly 30-year bond auction. The 30-year yield jumped 25 basis points to 3.78 percent.