NEW YORK — Stocks finished an erratic session mixed Tuesday as higher commodity prices lifted energy and materials shares.
Major stock indexes had their third straight advance, reaching 13-month highs, but there were more declining shares than advancers on the New York Stock Exchange and the Nasdaq. Stocks zigzagged for much of the day on mixed news from retailers and industrial production.
A rebound in the dollar after three down days kept investors’ appetite for stocks in check. An eight-month weakening of the dollar has been lifting commodities prices and shares of U.S. exporters, which benefit from stronger foreign demand for their goods when the dollar falls. Record-low U.S. interest rates also have driven investors to seek higher returns in stocks and commodities, lifting share prices.
Investors focused on retailers’ earnings reports for insight into one of the market’s biggest worries: how much consumers are spending. Home Depot, Saks and Target reported better-than-expected third-quarter results but also said they remain cautious ahead of the holiday shopping season.
“Despite the dramatic rally in the stock market, we still see the consumer operating at recessionary levels,” said Uri Landesman, chief equity strategist and senior portfolio manager at ING Investment Management in New York.
A report on industrial production weighed on the market. The Fed said output at the nation’s factories, mines and utilities rose 0.1 percent in October, less than the 0.4 percent predicted by economists polled by Thomson Reuters.
Meanwhile, signs of inflation remained muted. The Labor Department’s Producer Price Index, which measures inflation at the wholesale level, rose 0.3 percent in October, less than expected.
The Dow Jones industrial average rose 30.46, or 0.3 percent, to 10,437.42. It was the ninth gain in 10 days for the Dow and its highest close since Oct. 2, 2008, when it ended at 10,482.85.
The broader Standard & Poor’s 500 index rose 1.02, or 0.1 percent, to 1,110.32, while the Nasdaq composite rose 5.93, or 0.3 percent, to 2,203.78.
