Stocks and commodities advanced, while the dollar approached a 14-year low against the yen, as reports on home sales, jobless claims and consumers spurred optimism that the economic recovery is strengthening.
The Standard & Poor’s 500 Index added 0.5 percent to 1,110.63 at 4:04 p.m. in New York, its highest close since Oct. 2, 2008. Gold climbed to a record on demand for a store of value as the dollar decreased against all 16 major currencies and broke 88 versus the yen for the first time since January, when it slid to the weakest since 1995.
Treasuries gained as the Federal Reserve’s pledge to keep interest rates near record lows drove stronger-than-forecast demand in a record $32 billion auction of seven-year notes. Oil rose almost $2 a barrel on a government report showing U.S. fuel demand increased for a second week.
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