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US Stock Rally Continued with SPY Rising 0.29%

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SPY ended higher with 0.29% returns

The SPDR S&P 500 ETF (SPY) and the Direxion Daily S&P500 Bull 3X ETF (SPXL) returned 0.29% and 0.85%, respectively, on Tuesday, November 3, 2015. The equity rally in the US stock market continued for the second consecutive day in the wake of investor confidence in the strength of the US domestic economy.

Investor confidence strengthened after the release of motor vehicle sales and the factory orders report for October and September, respectively, on November 3. It seemed that a rate lift off until this year will be welcomed by investors and traders amid sound economic indicators and better-than-expected corporate earnings for the recent quarter.

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Market overview

The following graph presents the performances of various market aspects in percentages for November 3, 2015.

The US dollar is represented by the PowerShares DB US Dollar Bullish ETF (UUP). Oil is represented by the United States Oil ETF (USO). Gold is represented by the SPDR Gold Shares ETF (GLD). The total bond market is represented by the Vanguard Total Bond Market ETF (BND), while volatility is represented by the Volatility S&P 500 Index.

As you can see in the graph, oil prices were the main drivers that propelled SPY and SPXL on November 3. With the momentum observed in equities, bond prices and gold prices dropped, while the US dollar strengthened on November 3.

Stocks that made it to the top of the SPDR S&P 500 ETF (SPY) on November 3 were Pioneer Natural Resources (PXD), Diamond Offshore Drilling (DO), and Keurig Green Mountain (GMCR). These stocks rose 6.6%, 6.3%, and 6.3%, respectively, that day.

Next, let’s look at the performances of the component sectors of SPY on Tuesday, November 3.

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