US stocks gain on optimism of economic recovery

US stocks rose Wednesday after three separate reports offered signs that the US recovery is gaining steam.

US stocks rose Wednesday after three separate reports offered signs that the US recovery is gaining steam.

Consumer spending and new home sales rose more than expected in October, while weekly jobless claims dropped to their lowest rate since September 2008. An index of consumer confidence from the University of Michigan and Reuters also rose.

Commodities producers led the gains after energy and metals prices rose, including a record for gold of $1,193.3 per ounce.

The blue-chip Dow Jones Industrial Average gained 30.69 points, or 0.29 percent, to 10,464.4. The broader Standard and Poor's 500 Index added 4.98 points, or 0.45 percent, to 1,110.63. The technology-heavy Nasdaq Composite Index climbed 6.87 points, or 0.32 per cent, to 2,176.05.

The dollar fell against nearly all major currencies. The US currency dropped against the euro at 66.06 euro cents from 66.84 euro cents Tuesday. The dollar plummeted against the Japanese currency to 87.34 yen, near a 14-year low, from 88.56 yen on Tuesday.

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