U.S. Stocks Rise a Third Day as Gold Tops $1,000, Dollar Falls

Stocks rose worldwide, driving the Standard & Poor’s 500 Index higher for a third day, as gains in metals boosted the profit outlook for raw-material companies. Gold climbed above $1,000 an ounce as the dollar fell.

Alcoa Inc. and Chevron Corp. advanced more than 2 percent as bullion reached an 18-month high, copper added 3.4 percent and oil surged 4.7 percent. General Electric Co. gained 4.7 percent after JPMorgan Chase & Co. recommended buying the shares, saying expectations for the company are too low.

The S&P 500 rose 0.9 percent to 1,025.43 at 11 a.m. in New York. The Dow Jones Industrial Average climbed 60 points, or 0.6 percent, to 9,501.27. The MSCI World Index of equities in 23 developed nations advanced 1.3 percent after Credit Suisse Group AG said investors should favor stocks over bonds and cash.

Read Full Article from Bloomberg

- Posted: 2009-09-08 10:46:22

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