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Banks Weak As Commodity Stocks Push Markets Higher

 The bank stocks are one of the only sectors to be showing weakness today. Goldman Sachs Group, Inc. (NYSE:GS) is trading at $163.85, -1.36 (-0.82%).  The market started out with some sharp selling as the U.S. Dollar spiked higher but by 10am ET, the Dollar started to drop. As soon as that happened, the markets took off to the upside and have not looked back.  With volume on the light side, it is likely the markets will hold higher as long as the Dollar stays weak. Commodity stocks are leading the charge today. United States Steel Corporation (NYSE:X) is nicely higher, trading at $57.00, +1.23 (+2.21%).

Gareth Soloway
Chief Market Strategist