US stocks rise on commodities, energy demandApril 5th, 2008 - 6:56 am ICT by admin
New York, April 5 (DPA) Soaring demand for commodities and energy stocks lifted US stock indices Friday as the Standard & Poor’s 500 index had its largest weekly gain in more than two months. The S&P and Nasdaq continued their rally, despite bad news on the labour front and the darkening outlook for bank profits. The government said unemployment rose to 5.1 percent in March from 4.8 percent in February.
Exxon Mobil Corp shares reached a five-week high after oil climbed above $106 a barrel. The dollar fell against the euro, and expectations were growing that the Federal Reserve will again cut interest rates by half a percentage point later this month.
The broader Standard & Poor’s 500 Index climbed 1.09 points, or 0.08 percent, to 1,370.40. The technology-heavy Nasdaq Composite Index added 7.68 points, or 0.32 percent, to 2,370.40. The blue-chip Dow Jones Industrial Average shed 16.61 points, or 0.13 percent, to 12,609.42.
The US currency retreated against the euro to 63.54 euro cents from 63.76 euro cents Thursday. The dollar also lost against the Japanese currency to 101.48 yen from 102.26 yen Thursday.