An index of Colorado stocks rose to a record close, led by gold companies Newmont Mining Corp. and Royal Gold Inc., as prices for the precious metal rose to their highest in more than 22 years.
U.S. stocks withstood a late retreat to close higher, bolstered by a government report that showed companies are getting more work from employees and paying less for them.
“The economy can grow pretty well, and earnings will be even better, because of the improvement in productivity,” said Al Kugel, who helps oversee $17 billion as the chief investment strategist at Atlantic Trust/Stein Roe in Chicago.
The expansion will help “give us our boost next year as people become a little more optimistic,” he said.
The Bloomberg Colorado Index, a price-weighted list of companies based in the state, rose 1.07, or 0.3 percent, to 324.18. Fifty-three stocks rose, 46 fell and 11 were unchanged.
The index has risen 16 percent this year.
Newmont, the world’s largest gold producer, gained $1.91, or 4.1 percent, to $48.75.
The Denver-based company touched a 52-week high of $48.81 in intraday trading.
Royal Gold, a precious metals company also based in Denver, rose 96 cents, or 3.5 percent, to $28.73.
Gold for February delivery rose $1.20, or 0.2 percent, to $513 an ounce on the Comex division of the New York Mercantile Exchange, the highest closing price for a most-active contract since February 1983.
Prices earlier reached $514.80 an ounce.
Among stocks that declined, Vail Resorts Inc., a Vail-based operator of Colorado ski resorts, lost 85 cents, or 2.2 percent, to $37.26.
Titanium Metals Corp., a Denver-based producer of airline parts, fell 85 cents, or 1.2 percent, to $68.14. It touched a 52-week high of $70.50 in intraday trading Tuesday.
The Bloomberg Colorado Index was developed with a base value of 100 as of Dec. 30, 1994.
Its members have a minimum market value of $10 million.
The index set a 52-week low of 257.82 on May 13 and a 52-week high of 325.56 Tuesday. The latter was also an all-time high.
