Alcoa and metal prices
Metal prices moved upward today, led by copper, platinum and palladium, helping Alcoa (NYSE:AA) climb 1.2 percent by the end of the trading day, finishing at $14.44.
Most of this was the result of the drop in the U.S. dollar, which seems to be moving back to its inverse relationships to commodities, which had been swinging back and forth as the result of the uncertainty of Europe's response to the Greece sovereign debt crisis.
There was also a positive mood in the market when it was announced consumer spending was up for the fifth month in a row, implying a possibility that the recession may be starting to finally wind down, although that is a premature conclusion at this time.
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