Oil hit a yearly high today bursting above $69.50/barrel prior to settling lower. Gold followed suit, adding $13.80 to $979.40 after surging near the $1000.00/oz psychological resistance level on inflation hedge fears. Former Countrywide Financial CEO and part time pitchman, Angelo Mozilo, was busted by the SEC for insider trading and civil fraud for misleading investors about the health of the company. Several US Banks were upgraded by popular analysts triggering a rally in financial shares, as well as commodity stocks lifted the major averages into positive territory today. The DJIA advanced +74.96 to 8750.24, the Nasdaq gained by +24.10 to 1850.02 and the broad based S&P 500 marched forward +10.70 to 942.46.
