NEW YORK: Global stock and commodity prices jumped while the US dollar slumped to a one-year low on Wednesday as fresh evidence of economic recovery boosted investors’ appetite for risk.
Most prices for US and euro zone government debt fell after the second day of surprisingly strong US economic data fueled expectations of a robust recovery from the worst global downturn since World War II.
Oil rose toward $72 a barrel after data showed US crude stockpiles fell more than expected last week, but higher inventories of gasoline and winter fuel capped gains.
US gold futures soared to highs last seen in July 2008 and copper climbed more than 3 percent, helped by the sinking dollar and strong US economic news.
The main FTSEurofirst 300 index closing above the 1,000 mark for the first time in more than 11 months, and the euro rallied to a one-year high against the dollar, an extension of the negative sentiment toward the US currency.