New York, September 09: US stocks rose modestly, underpinned by optimism that economic recovery is underway and surging commodities prices driven by a weakening dollar.
The Dow Jones Industrial Average rose 54.49 points (0.58 per cent) to 9,495.76 at the market close yesterday, extending a two-day winning streak.
The tech-heavy Nasdaq composite gained 18.59 points (0.92 per cent) to 2,037.37 and the broad-market Standard & Poor’s 500 index climbed 8.73 points (0.86 per cent) to a provisional close of 1,025.13.
“Investors believe that the global stimulus-induced economic recovery will last and are bidding up riskier assets such as equities,” said Chris Lafakis of Moody’s Economy.com.
The optimistic outlook and a faltering dollar propelled dollar-priced commodities higher, particular oil, which soared to 71 dollars a barrel in New York and gold, trading at an 18-month high above 1,000 dollars an ounce.
–PTI