U.S. stocks rose on Wednesday as the U.S. dollar's weakness lifted shares of natural resources companies, while Morgan Stanley
Commodity shares were a standout, underpinned by higher metal and crude oil prices.
U.S. front-month crude briefly hit $82 a barrel on the New York Mercantile Exchange, while spot gold rose above $1,060 an ounce as the euro soared above $1.50 for the first time since August 2008.
Dollar weakness has resulted in money going into equities and shorting the dollar, said Michael James, senior trader at regional investment bank Wedbush Morgan in Los Angeles. Money is going into commodity and energy names that benefit from a weaker dollar. When that trend continues, people continue to press the dollar short.
The Dow Jones industrial average <.DJI> rose 34.99 points, or 0.35 percent, to 10,076.47. The Standard & Poor's 500 Index <.SPX> gained 6.39 points, or 0.59 percent, to 1,097.45. The Nasdaq Composite Index <.IXIC> climbed 14.40 points, or 0.67 percent, to 2,177.87.
The S&P 500 is now up 62 percent from the 12-year low it hit in early March.
Shares of Exxon Mobil Corp
Freeport-McMoRan Copper & Gold Inc
Shares of Morgan Stanley shot up 7.1 percent to $34.84 after the bank posted a quarterly profit above Wall Street's forecasts before the bell.
The stock of Internet media company Yahoo Inc
(Editing by Jan Paschal)