Wall St rises as oil, commodities decline

By MoneyhighStreet Staff. Published on August 15, 2008 This post currently has no comments.

NYSE
US stocks advances after a fall in prices of commodities boosted hopes of revived consumer spending.

Gasoline prices have fallen six per cent since the start of July, copper is down 14 per cent and corn prices have reduced 26 per cent.

"Oil prices are a little bit lower, so that is giving a positive spin to the market," Paul Nolte, director of investments at Hinsdale Associates, told Reuters.

On the New York Stock Exchange (NYSE), the biggest gainer was Ambac Financial Group which rose 26 per cent to trade at $5.75 a share.

This was followed by a 21 per cent rise to $2.83 for Monaco Coach Corporation, and Elan Corporation which rose 19 per cent to trade at $14.10 a share.

Meanwhile, the dollar hit a six-month high against the euro, rising as high as $1.4733 per euro.

A report showing a surprise rise in manufacturing activity in New York state in August added to the positive tone, Reuters said.