In addition to good will for a certain nation surrounded by the Aegean, Ionian and Mediterranean seas, the commodities complex also benefited from a debt deal approved by finance ministers to stave off a euro zone nation's impending default on financial obligations, according to Bloomberg.
The deal stamped with approval on Tuesday morning for the good of Greece also pushed the Standard & Poor's GSCI Spot Index of 24 commodities climbed beyond 700 on Tuesday. Silver spearheaded precious metals' upward spike by climbing 3.7 percent. The Dow Jones Industrial Average pushed north of 13,000 for the first time since 2008.
"In the U.S., we have the Dow touching 13,000, and that is opening a whole lot of eyes to the fact that the U.S. economy is getting possibly much better," portfolio manager James Cordier with OptionSellers.com of Florida told Bloomberg. "You have investors really pouring money into the riskier assets and, of course, commodities get to be the big winner."
Greece committed to deep austerity cuts in exchange for approval from the finance ministers, which came on Tuesday morning.
ABC reports the Dow passed that key point shortly prior to noon on Tuesday. Markets were closed on Monday in observation of President's Day.
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