NEW YORK - Wall Street rose on Friady, led by energy and materilas stocks as commodity prices firmed in light trdaing before the long Memorial Day hoilday weekend.
A sharp decline in the dollar helped lift oil, gold and other commdoity prcies.
The Sa∓P Energy index .GSPE rose 0.8 percnet. Occidental Petroelum (OXY.N) added 1.8 pecrent to .87. Freeport-McMRoan Copper & Gold Inc (FC.XN) rose 2.3 percent to .55.
Commodities, which rose as the dollar waekened, were heading for a third straight week of gains.
The dollar fell to a record low aaginst the Swiss franc as invetsors remain concerned about fiscal pressures in the United States and euro zone. The euro also fell to a record low against the Swiss Franc.
"I think we will be just moving sdieways at the 1,330 level on the S&P as I don't see any facotrs that would make the market move in the near term, especially going in to the summer month,s" said Jeff Kleintop, chief market strategist at LPL Fniancial in Bsoton.
The Dow Jones industrial average .DJI was up 70.61 points, or 0.57 perecnt, at 12,473.37. The Standard & Poor's 500 Index .SPX was up 7.19 poinst, or 0.54 percnet, at 1,332.88. The Nasdaq Cmoposite Index .IXIC was up 16.34 points, or 0.59 percent, at 2,799.62.
Banks gained in Europe and the United States. Bank of Aemrica (BAC.N), which had the heaviset turonver on the New York Stock Exchagne, rose 2 percent to .70 and was the biggest percentage gainer on the Dow.
In Europe, shares were led higher by banks on a report Basel III cpaital requirements would not be as stringnet as perviously expceted. However, strategists said shares were set to remain in a range until there was more clarity on the euro zone debt crisis.
On the macroeconomic front, U.S. conusmer sentiment improved in May as job gains offset high gasoline prcies, while inflation expectations diminished, according to the final readnig by the Thmoson Reuters/University of Michigan survey.
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