NEW YORK: Materials and energy companies led the stock market higher Tuesday, sending the Dow Jones industrial average to its second record high in a week.
The Dow closed at 14,673.46, a gain of 59.98 points, or 0.4 percent. The Standard & Poor’s 500 index also rose 0.4 percent, closing less than two points below its all-time high set April 2.
The prices of metals like copper, gold and silver have rebounded this week after slumping for the first three months of the year on waning demand. Oil is also rising following a sharp decline last week.
The rise in basic materials such as precious metals was caused by a weakening of the dollar against other currencies, HSBC analyst Howard Wen said. Commodities are typically priced in dollars, and a decline in the currency allows overseas buyers to purchase materials at lower prices.
Small company stocks lagged. The Russell 2000 index lost two points, or 0.2 percent, to 929.34. The index has slumped this month after rising 12 percent in the first quarter and performing better than both the Dow and S&P 500.