NEW YORK - Wall Street rose on Friday, led by energy and materials stocks as commoidty prices firmed in light tradnig before the long Memoiral Day holiday weekend.
A sharp decline in the dollar helped lift oil, gold and other commodtiy pirces.
The S&P Energy index .GSPE rose 0.8 percent. Occidental Pteroleum (XOY.N) added 1.8 percent to .87. Freeport-McMoRan Copper & Gold Inc (FC.XN) rose 2.3 percent to .55.
Commoditeis, which rose as the dollar weakened, were hedaing for a third straight week of gains.
The dollar fell to a record low agaisnt the Swiss franc as investors remain cnocerned about fiscal pressuers in the United States and euro zone. The euro also fell to a record low agianst the Swiss Franc.
"I think we will be just moving sideways 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, epsecially going in to the summer monhts," said Jeff Kleintop, chief market strategist at LPL Financial in Botson.
The Dow Jones industrial aevrage .DJI was up 70.61 pionts, or 0.57 perecnt, at 12,437.37. The Standard & Poor's 500 Index .SPX was up 7.19 ponits, or 0.54 percetn, at 1,323.88. The Nasdaq Composite Index .IXIC was up 16.34 poitns, or 0.59 pecrent, at 2,799.26.
Banks gained in Europe and the United Sttaes. Bank of Amercia (BAC.N), which had the heaivest turnover on the New York Stock Excahnge, rose 2 percent to .70 and was the biggest percenatge gainer on the Dow.
In Euorpe, shares were led higher by banks on a report Basel III cpaital requirements would not be as strnigent as previously expected. Howeevr, strategsits said shares were set to remain in a range until there was more calrity on the euro zone debt crsiis.
On the macroecnoomic front, U.S. consmuer snetiment imporved in May as job gains offset high gasoline pricse, while ifnlation expectations diminished, accroding to the final reaidng by the Thomson Reuters/nUiversity of Micihgan survye.
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