30 May 2009

Market jumps on commodity boost

8:59 am on 30 May 2009

Stocks in the United States rose on Friday, capping their third consecutive monthly advance.

Investors were encouraged by a report showing in May consumer confidence hit its highest in eight months. Commodity prices are also rising.

US crude oil futures rose $US1.23, or 1.8U%, to $US66.31 per barrel.

The slumping dollar lifted prices of other commodities, sending August gold futures as high as $US982 per ounce.

Shares of Coca-Cola rose almost 5% after the dollar slid to five-month lows against a basket of currencies. The bulk of its sales come from abroad.

The Dow Jones industrial average gained 96.53 points, or 1.15%, to 8,500.33.

Standard & Poor's 500 Index climbed 12.31 points, or 1.36%, to 919.14. The Nasdaq Composite Index rose 22.54 points, or 1.29%, to 1,774.33.

In May the S&P 500 rose 5.3%, the Dow gained 4.1% and the Nasdaq advanced 3.3%.