U.S. Stocks Trim Drop as Commodity Producers Gain, Dollar Slumps
U.S. stocks erased losses as a weaker dollar boosted oil and metals prices, triggering a rally in commodity producers that helped equities overcome an early slump caused by an unexpected rise in the unemployment rate.
The Standard & Poor’s 500 Index rose less than 0.1 percent to 1,222.19 at 3:36 p.m. in New York after dropping as much as 0.4 percent earlier. The Dollar Index, which gauges the currency against six major peers, lost 1.2 percent for its biggest decline since October. Oil increased 1.4 percent to a 25-month high near $89 a barrel and the S&P/GSCI commodities index rallied 1.3 percent to above its highest closing level since October 2008.
Earlier declines in stocks came after the Labor Department said U.S. payrolls increased by 39,000 last month, trailing the median economist projection in a Bloomberg News survey for an increase of 150,000 jobs. The jobless rate rose to 9.8 percent from 9.6 percent.
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