US blue chips rise, gold hits new record

Blue-chip stocks on Wall Street rose as the market clung to optimism generated by the US Federal Reserve's plans to keep interest rates low and the flow of encouraging corporate earnings.

Gold reached $US1535 an ounce after data showed US economic growth slowed while prices for gasoline and food rose.

Leading the blue-chips, Boeing climbed 2.6%, one day after affirming its full-year outlook. Procter & Gamble was also strong, rising 0.4% after its first-quarter earnings beat analysts' estimates.

At the close (8am NZT), the Dow Jones Industrial Average was up 72.35 points, or 0.6%, to 12,763.31. The Nasdaq Composite was up 0.1% at 2872.53 after lagging for most of the session, while the S&P 500 index was up 0.4% at 1360.48.

Other markets: Europe rises for sixth day, Asia down
European markets advanced, boosted by another slew of strong earnings. The Stoxx Europe 600 index rose 0.3% to 283.04, as it extended the winning streak to six sessions.

France's CAC-40 index added 0.9% to 4104.90, while Germany's DAX rose 0.9% to 7475.22. The UK's FTSE 100 index ended fractionally higher at 6069.90 ahead of a four-day weekend.

Asian shares rallied early, but markets in much of the region failed to hold gain. Japan's Nikkei Stock Average, the day's best performer, finished at 9849.74, rising 1.6% despite news that industrial production fell a record 15.3% in March from the previous month.

Korea's Kospi advanced 0.1% to 2208.35 and Australia's S&P/ASX 200 finished flat at 4873.04, both well off the day's highs. The Shanghai Composite index recorded the biggest decline, falling 1.3% to 2887.04, the fifth straight session of losses.

Hong Kong's Hang Seng Index fell 0.4% to 23,805.63, Taiwan's Taiex lost 0.1% to 9040.77 and India's Sensitive Index dropped 0.8% to 19,292.02.

Commodities: Gold hits new high, oil falls
Gold futures extended record highs and silver zoomed toward $US50 an once.

The most-actively traded gold contract, for June delivery, was up $US18.10, or 1.2%, at $US1,535.20 an ounce, after hitting an intraday record $US1536.40 New York.

Nearby May gold was up $US18.40, or 1.2%, at $US1535.00 after touching its own intraday record of $US1,535.80. The most-active May silver contract was up $US3.182, or 6.9%, at $US49.140 an ounce,

Crude futures retreated from fresh 2½-year highs. US light, sweet crude for June delivery settled 10USc, or 0.1%, higher at $US112.86 a barrel in New York. Futures rose as high as $US113.97 earlier in the session, before retreating.

Brent crude on the ICE futures exchange fell 12USc to $US125.01 a barrel.

Currencies: US dollar falls further
The US dollar extended its broad decline after economic data pointed to a dismal employment picture and slowing growth, further adding to the negative sentiment.

The euro was at $US1.4802 from $US1.4794 late on Wednesday. The dollar was at ¥81.55 from ¥82.04, while the euro was at ¥120.66 from ¥121.37.

The UK pound bought $US1.6637 from $US1.6636, while the dollar traded at 0.8727 Swiss franc from 0.8738 franc.