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Article: Commodities surge drives stock market higher
- Article from:
- AP Online
- Article date:
- October 6, 2009
- Author:
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Investors are rushing into stocks for a second day amid signs that the global economy is recovering and as a weak dollar pushes up prices of commodities.
The drop in the dollar Tuesday comes as Australia became the first major country to raise interest rates. Demand for the dollar is also falling amid speculation that several countries were considering ending the dollar's role in the pricing of oil.
Oil is higher and gold is at a record high.
Stocks are seeing their biggest gains since July 23. At midday, the Dow Jones industrial average is up 150 at 9,751. The Standard & Poor's 500 index is up 17 at 1,058, and the Nasdaq composite index is up 38 at 2,105.
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