Stocks Pare Gains as Gold Loses Steam - Market Overview * US * News * Story

LATEST STOCK MARKET DATA

Hot & Cold Sectors
Tracking the major movements across the best & worst performing industry sector indexes.
Dow Components
Top Gainers & Losers
Major Indexes & Stocks to Watch

MORE HEADLINES

Markets | Economy | Companies

- Consumer Confidence Improves But Still Shaky

LATEST FROM OUR BLOGS

- 'Why the American Consumer Will Keep on Buying No Matter What'

FEATURED SLIDESHOWS

Runway Angels
The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.
Smartphone Guide
Here's a need-to-know guide to nine devices, based on features, price, network and platform.
Wines for the Holidays
Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES

A Healthier & Wealthier You
Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.
The Billionaire BFF's
Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?
The Many Myths of Coca-Cola
Can you tell which statements are true, and which ones are just rumors?

SPECIAL REPORTS

Winterizing Your Portfolio
If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.
Investor's Guide to Real Estate
Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.
Alternative Investing
Stocks and bonds? Sure. But it's a big world out there for investors.

CNBC ON DIGG

Stocks Pare Gains as Gold Loses Steam

Published: Tuesday, 8 Sep 2009 | 11:57 AM ET

Text Size

By: CNBC.com

Stock prices steadied at modestly higher levels as Wall Street staked a rally on rising prices of gold and oil.

Weakness in the U.S. dollar helped propel commodities broadly even though gold edged below $1,000 an ounce. Crude oil reclaimed the $70 a barrel mark.

Major U.S. Indexes

.DJIA

.NCOMP

.SPX

The dollar hit its lowest level in nearly a year against a basket of currencies, a move that may have been sparked over concerns that the greenback's status as the world's reserve currency was in danger.

Gold miners were getting a boost from the metal's run, with Barrick Gold [ABX Loading... () ] and Couer D'Alene [CDE Loading... () ] setting the pace.

Anticipation of deal-making helped propel the market as well.

The Dow Jones US Iron and Steel Index gained about 3 percent in morning trading while the Platinum and Precious Metals Index soared nearly 11 percent.

Cadbury [CBRY-LN Loading... ()] resisted Kraft's [KFT Loading... () ] $16.7 billion bid, and reports say Hershey [CBRY-LN Loading... ()] may become a player to prevent Kraft or another competitor from acquiring Cadbury.

General Electric [GE Loading... ()] also helped boost the market. The parent company of CNBC.com saw its shares gain after JPMorgan upgraded the stock to overweight from neutral and raised the price target to $17 from $12.

But shares of American International Group [AIG Loading... ()] slipped after Credit Suisse cut AIG to underperform, citing "little to no value for common equity."

GE led gainers on the Dow industrials while Kraft was the index's worst performer.

September — historically the worst month for stocks — had started off in traditional fashion with losses on the first two trading days, but the averages gained in the final two sessions before the long weekend and are poised to do so again today.

The economic calendar is a relatively light one, although the government will be out with consumer credit figures for July at 3 pm New York time. Economists think credit will have dropped by $3.5 billion during the month.

The first of three Treasury note and bond auctions also will take place, with $38 billion in 3-year notes set to be sold today. Results will be available shortly after 1 pm New York time.