Summary Box: Commodities rise on economic news

AP News
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Posted: Dec 20, 2011 3:25 PM
Summary Box: Commodities rise on economic news

BROAD RALLY: Commodity prices rose across the board on hopeful economic news in Europe and the United States. Oil rose 3.4 percent, gold increased 1.3 percent and wheat rose 1.3 percent.

THE ECONOMY: German business and consumer confidence rose unexpectedly in December. Spain completed a successful debt auction and the U.S. government says the number of new homes under construction rose 9.3 percent in November compared with October.

DOLLAR'S IMPACT: Commodities benefited from a weaker dollar. Since commodities are priced in dollars, a weaker dollar makes them more of a bargain for traders who use other currencies.