Stocks open higher as dollar slides

NEW YORK (AP) - Stocks rose early Wednesday as commodities resumed their climb and as investors grew more confident borrowing would remain inexpensive.

Gold touched a fresh high and oil rose as the dollar slipped against major currencies. The drop in the dollar follows remarks from Federal Reserve officials late Tuesday that noted the economic recovery is likely to be weak and reiterated that the central bank will keep rates low.

Record-low interest rates and the resulting slide in the dollar have been major forces behind the recent surge in stocks.

Upbeat news about corporate earnings and global economies also boosted stocks. The French bank Credit Agricole SA posted earnings that topped expectations. Employment rose in Britain for the first time since May 2008.

In early trading, the Dow Jones industrial average rose 33.25, or 0.3 percent, to 10,280.22, to a new 12-month high.

The broader Standard & Poor's 500 index rose 5.46, or 0.5 percent, to 1,098.47, and the Nasdaq composite index rose 13.06, or 0.6 percent, to 2,164.14.

U.S. government bond markets are closed for Veterans Day.

Crude oil rose 69 cents to $79.75 per barrel on the New York Mercantile Exchange.

Three stocks rose for every one that fell on the New York Stock Exchange, where volume came to 126.6 million shares.

The Russell 2000 index of smaller companies rose 5.65, or 1 percent, to 592.58.

Overseas, Japan's Nikkei stock average rose 0.1 percent. In afternoon trading, Britain's FTSE 100 rose 1.1 percent, Germany's DAX index rose 1.2 percent, and France's CAC-40 added 1.1 percent.

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Ieva Augstums reported from Charlotte, N.C.