News Summary: Commodities up on economic signs

AP News
Posted: Nov 19, 2012 3:33 PM

PRICE MOVES: Commodities rose broadly on hints that there could be progress in U.S. budget negotiations and Greece's debt problems.

BEHIND THE GAIN: President Barack Obama and congressional leaders held talks Friday about ways to avoid tax increases and government spending cuts set to take effect Jan. 1. Some economists believe the U.S. could fall into a recession without an agreement. Separately, the Greek government presented legislation aimed at winning its next bailout payment.

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