NEW YORK—U.S. stocks rose Monday as continued optimism over the economy lifted energy and other commodity prices, which were also helped by a weaker U.S. dollar.
In a possible sign of healthier capital markets, private equity firm Blackstone Groupis planning to list up to eight of its portfolio companies, according to a source who received a letter the firm sent to investors Friday.
Blackstone shares rose 7.6 percent.
The U.S. dollar fell 0.5 percent against a basket of major currencies, continuing its recent weakness that has helped bolster U.S. stocks by lifting commodity prices and increasing the dollar value of repatriated export earnings of U.S. companies.
"We are having a continuation of a commodity rally across the board," said Chad Morganlander, a portfolio manager at Stifel Nicolaus & Co in Florham Park, New Jersey. "It is tied into the dollar weakness, but if you continue to see the global economy improve even with the dollar strengthening, you will see a bid persist for commodities."
Earlier Monday Singapore said its export oriented economy grew by more than expected in the third quarter.
The Dow Jones industrial average gained 59.10 points, or 0.60 percent, to 9,924.04. The Standard & Poor's 500 Index added 3.57 points, or 0.33 percent, to 1,075.06. The Nasdaq Composite Index rose 16.27 points, or 0.76 percent, to 2,155.55.
Commodity and energy companies such as Newmont Mining Corp and ConocoPhillipsrose more than 1 percent each.
Black & Decker Corpjumped more than 8 percent as the power tools maker raised its third-quarter earnings outlook ahead of series of blue chip earnings reports this week.
On Nasdaq, Google Inc rose 1.4 percent to $523.50 after several analysts raised their price targets on the shares ahead of Google's third-quarter results due this week.
Crude oil pushed higher above $73 a barrel, extending last week's gains, helped by growing optimism about the pace of the global economic recovery and a positive demand forecast from the International Energy Agency.
U.S. stocks rose every day last week in their best weekly run in three months, and Dow industrials reached a new 2009 closing high Friday. The S&P 500 is up around 60 percent from March lows.
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