US stocks rise as dollar advances on optimism

Wall Street shot higher today as investors, while anticipating another dismal jobs report on Friday, viewed the rising dollar and falling oil prices as promising for the economy. The Dow Jones industrial average rose nearly 190 points to finish above 13,000 for the first time since January 3.

The long-suffering dollar rose again on better-than-expected economic data and the Federal Reserve’s apparent resolve to monitor inflation. The Commerce Department said consumer spending rose 0.4 per cent in March, more than predicted, and the Institute for Supply Management said US manufacturing contracted in April by a bit less than anticipated.