Reuters
Published Oct 12, 2009 10:29AM ET
* U.S. dollar slips, commodities rise
* Blackstone plans to list eight companies-source
* Indexes higher: Dow 0.6 pct, S&P 500 0.3, Nasdaq 0.8
* For up-to-the-minute market news, click [STXNEWS/US]
(Updates to mid-morning)
By Edward Krudy
NEW YORK, Oct 12 (Reuters) - U.S. stocks rose on Monday as continued optimism over the economy lifted energy and other commodity prices, which were also helped by a weaker U.S. dollar.
In a possible sign of healthier capital markets, private
equity firm Blackstone Group
Blackstone shares rose 7.6 percent.
The U.S. dollar fell 0.5 percent against a basket of major currencies <.dxy>, continuing its recent weakness that has helped bolster U.S. stocks by lifting commodity prices and increasing the dollar value of repatriated export earnings of U.S. companies.
"We are having a continuation of a commodity rally across the board," said Chad Morganlander, a portfolio manager at Stifel Nicolaus & Co in Florham Park, New Jersey. "It is tied into the dollar weakness, but if you continue to see the global economy improve even with the dollar strengthening, you will see a bid persist for commodities."
Earlier on Monday Singapore said its export oriented economy grew by more than expected in the third quarter. [ID:nSP502821]
The Dow Jones industrial average <.dji> gained 59.10 points, or 0.60 percent, to 9,924.04. The Standard & Poor's 500 Index <.spx> added 3.57 points, or 0.33 percent, to 1,075.06. The Nasdaq Composite Index <.ixic> rose 16.27 points, or 0.76 percent, to 2,155.55.
Commodity and energy companies such as Newmont Mining Corp
Black & Decker Corp
On Nasdaq, Google Inc
Crude oil
U.S. stocks rose every day last week in their best weekly run in three months, and Dow industrials reached a new 2009 closing high on Friday. The S&P 500 is up around 60 percent from March lows. (Editing by Padraic Cassidy)
Written By: Reuters
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