19 May 2011

US stocks rise before Fed views issued

7:32 am on 19 May 2011

Stocks in the United States advanced on Wednesday, as commodity prices rebounded before the Federal Reserve released an assessment of the economy.

The Dow Jones Index was up 68 points, or 0.5%, at 12,548.

The Nasdaq Composite was up 30 points, or 1.1%, at 2813.

Strong energy stocks and miners drove shares higher in Europe.

The FTSE 100 index in London ended up 62 points, or 1.1%, at 5,923. The DAX in Frankfurt rose 0.7% and the CAC-40 in Paris rose 0.9%.

Across the Tasman, the Australian 200 Index closed on Wednesday 10 points higher at 4694. The NZX 50 rose 2 points to close at 3560.

On Thursday morning, the New Zealand market was trading at 78.7 US cents, 74.17 Australian cents, 48.76 pence, 64.22 yen and 0.5533 euro. The Trade Weighted Index was at 68.30.

Brent crude oil was trading at $US113.73 per barrel and gold was trading at $US1492.80 per ounce.