US stocks rise on upbeat retailers, commodities
December 29th, 2009 - 12:35 pm ICT by IANS ( Leave a comment )Washington, Dec 29 (DPA) US stocks posted modest gains as investors returned from the Christmas holidays, buoyed by a rise in commodity prices and optimism from struggling retailers about sales in the year-end holiday season.
Crude oil prices topped $79 per barrel during trading in New York Monday before closing at a five-week high of $78.77. Metals prices also climbed, driving up shares in commodities producers.
Retail shares gained after data from credit-card firm MasterCard showed sales over the month-long Christmas holiday period climbed 3.6 percent compared to 2008, the worst year in more than three decades.
The Dow Jones Industrial Average climbed 26.98 points, or 0.26 percent, to close at 10,547.08. The broader Standard & Poor’s 500 Index added 1.3 points, or 0.12 percent, to 1,127.78. The technology-heavy Nasdaq Composite Index increased by 5.39 points, or 0.24 percent, to 2,291.08.
The dollar dropped to 69.55 euro cents from 69.66 euro cents Thursday, but edged up against the Japanese yen to 91.64 yen from 91.60 yen the previous day.
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