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Commodities lifts materials and industrial stocks

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By Associated Press

NEW YORK (AP) — Surging prices for metals, oil and other commodities lifted stock prices on Wednesday, especially industrial and materials companies.

Strong corporate earnings reports from JPMorgan Chase & Co., Intel Corp. and railroad operator CSX Corp. also gave investors more reasons to be assured about the economy.

Gold touched another record and oil rose about 2 percent. Freeport-McMoRan Copper & Gold Inc. and Newmont Mining Corp. were among the biggest winners.

The Dow Jones industrial average rose 102 points in midday trading.

The earnings reports all contained nuggets of hopeful news on the broader economy.

"They were assuring," said Andrew Ross, partner at First New York Securities. "But they weren't inspiring, or disrupting."

Those results allowed the market to continue the upward trajectory it has taken in recent weeks, Ross said. The Dow is up 3.1 percent in October and has jumped more than 11 percent since the beginning of September.

JPMorgan's CEO Jamie Dimon predicted credit card defaults are likely to fall next quarter. Intel predicted sales should remain consistent through the end of the year as customers switch from back-to-school shopping to the holiday season. CSX saw a big jump in shipments of cars and trucks.


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