Stocks closed higher as oil prices surged more than $3 a barrel and gold made a run at $1,000 an ounce before backing off.
The day's trading was driven by stronger commodity prices generated off a weaker dollar, and the relationship's flux helped keep gains in check.
Weakness in the U.S. dollar helped send gold over $1,000 an ounce before a pullback, while. Crude roared over the $71 mark.
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 Couer D'Alene setting the pace.
Anticipation of deal-making helped propel the market as well.
Cadburyresisted Kraft's $16.7 billion bid, and reports say Hershey may become a player to prevent Kraft or another competitor from acquiring Cadbury.
General Electric 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.