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Short-Covering Lifts Markets Ahead Of Holiday; Oil Jumps 3%, Cotton 5%

Investors Business Daily |

In Brief...

Oil rose 3%, and metals and crops were mostly up on Wednesday as positive U.S. economic data comforted investors and diverted attention from the euro zone debt crisis that had hammered prices earlier in the week.. The 19-commodity Reuters-Jefferies CRB index settled up 1.5%, back to where it stood a week ago before financial markets were hit by a surfeit of concerns ranging from Ireland's debt to China's capital tightening and fighting between North and South Korea.. Copper rode on the dollar's initial weakness on Wednesday to settle up 1.4% at above $3.75 per pound in New York, its largest gain in a week.. Gold gave up its early gains in New York, closing down 0.3% at $1,373 an ounce, as the dollar strengthened. Chicago corn futures climbed almost 2% to above $5.38 per bushel on signs of a domestic corn shortage in China, one of the world's largest buyers of food and industrial commodities..

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