Stocks Rise on Increasing Oil and Gold Prices
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Stocks rose in America for a second day after higher prices for oil and metals boosted producers of energy and raw materials, the leaders of this year’s advance.
Exxon Mobil Corp., the largest energy company, gained the most in three weeks after crude climbed to a record. A rally in gold to the highest since 1980 sent shares of Freeport-McMo-Ran Copper & Gold Inc. to an all-time high. Verizon Communications Inc., the second-biggest American telephone company, climbed to the highest since 2002 on earnings that beat analysts’ estimates.
The Standard & Poor’s Index added 5.7, or 0.4%, to 1,540.98. The Dow Jones Industrial Average increased 63.56, or 0.5%, to 13,870.26. The Nasdaq Composite Index gained 13.25, or 0.5%, to 2,817.44. Benchmark indexes also rallied in Asia and Europe, while two-year Treasury note yields increased.
