MARKETS REPORT: Dow Jones: 10,530.75 (+10.65) DAX: 6,002.92 (+ 45.48) Values at yesterday's closeUS STOCKS advanced yesterday, sending the Standard & Poor 500 Index to its longest winning streak in almost two months, as rising metal and oil prices drove rallies in commodities producers and offset speculation that interest rates will increase.
Exxon Mobil and Freeport-McMoRan climbed as oil rose for a fourth day and metals rose. Fannie Mae and Freddie Mac surged after the US treasury ended the caps on aid for the next three years.
Meanwhile, European shares closed higher yesterday for the fifth consecutive session as banking and oil stocks rose in low volumes with London markets shut until Tuesday.
The pan-European FTSEurofirst 300 index closed up 0.5 per cent at 1,043.93 points.
The index has rallied nearly 62 per cent since hitting a trough in early March and is up 25 per cent this year, on track for its best yearly gains since 1999. Last year, the index tumbled 45 per cent.
Banks were among the top gainers on the index. UBS, Banco Santander, BNP Paribas and Société Générale were up 0.8 to 1.4 per cent. Energy stocks were also in demand as crude gained 1.2 per cent. Total, Galp Energia and Repsol were 0.3 to 1 per cent higher.
– (Bloomberg, Reuters)
