Dow Reclaims 13000 but Exxon and Gold Disappoint

After about 4 months, Dow Jones Industrial Average reclaimed its territory above the 13000 level. In the mean time, it had fallen to as low as 11,508.74 on January 22nd.

Of the Dow's 30 components, 25 posted gains today, with financials and technology stocks leading the charge. The ability to borrow from the Fed is the catalyst which is allowing capital to flow back into financial stocks.

But investors in Energy sector were disappointed today with less-than-expected result from Exxon Mobil. While the results were 17% better than a year ago, Exxon failed to match its previous record, fell short of Wall Street's expectations, and was punished with a 4% drop in its stock.

Another sector, precious metals, lost its luster today with the return of strength in dollar. Gold futures fell more than 1% Thursday, as a rise in the U.S. dollar dampened investment demand for the precious metal. Gold for June delivery dropped $14.20, or 1.6%, to settle at $850.90 an ounce on the New York Mercantile Exchange. Gold may continue to remain at risk to further corrections in coming weeks.