Weaker Dollar Sparks Commodities Rally; U.S. Stocks Edge Higher
- S&P 500 closes above 2,100 for first time since Dec. 1
- Intel falls in late trading after announcing 12,000 jobs cuts
Stock Market Has Gone 'Too Far Too Fast:' Dwyer
The dollar fell to the weakest level since June, sparking a rally in commodities from oil to silver that lifted emerging-market assets. The Standard & Poor’s 500 Index closed above 2,100 for the first time since Dec. 1 amid a spate of corporate earnings results.
Energy and materials producers paced gains in equity benchmarks from Europe to the U.S. and Canada. American share indexes were mixed as weak results from Netflix Inc. sent technology-heavy gauges lower, while reports from Goldman Sachs Group Inc. boosted the Dow Jones Industrial Average. Silver surged to its strongest level since June and Argentina returned to the international debt markets. Intel Corp. slid 2.7 percent at 5 p.m. in late New York trading after the biggest maker of semiconductors said it will cut 12,000 jobs, as yen-denominated contracts on the Nikkei 225 Stock Average added 2.3 percent on the Chicago Mercantile Exchange.