US stocks gained Wednesday as a new record in crude oil and highs in commodity prices spurred energy and mining companies. ( dpa )
Crude oil reached 104.52 dollars per barrel in New York, while gold prices rose 22.20 dollars to a record 988.50 dollars per fine ounce.
Chevron Corp and Freeport-McMoRan Copper & Gold Inc led the stock indices higher. Investors were also buoyed after the Institute for Supply Management's said its monthly index of non-manufacturing sectors rose five points to 49.3 - still below the 50-point mark that separates expansion from contraction.
Financial shares declined amid speculation that the credit crisis may yet claim bond insurer Ambac Financial Group Inc despite its plan to raise 1.5 billion dollars.
The blue-chip Dow Jones Industrial Average rose 41,19 points, or 0.34 per cent, to 12,254.99. The broader Standard & Poor's 500 Index was up 6.95 points, or 0.52 per cent, to 1,333.70. The technology-heavy Nasdaq Composite Index gained 12.53 points, or 0.55 per cent, to 2,272.81.
The US currency fell against the euro to 65.50 euro cents from 65.71 euro cents on Tuesday, but rose against the Japanese currency to 104.03 yen from 103.37 yen.