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BUSINESS
Rising commodity prices lift stocks
NEW YORK -- Investors sidestepped some of their doubts about the economy and bought energy and industrial stocks as commodity prices rose.
Stocks ended back-and-forth trading mostly higher Tuesday as a spike in the price of gold and corporate dealmaking extended an advance from Monday. The gains in commodity prices helped stocks pare early losses.
The Dow Jones industrial average slipped 18 points, while broader indexes rose.
Investors drew some comfort from billionaire investor Warren Buffett's decision to pay $100 a share for Burlington Northern Santa Fe in a deal valuing the railroad at $34 billion. Meanwhile, tool maker Stanley Works struck a deal to acquire Black & Decker Corp. for $3.46 billion in stock.
Commodities rose broadly and gold jumped to a new high after India's central bank bought $6.7 billion worth of gold from the International Monetary Fund.
Even with the gains in commodities, traders remained on edge about unemployment and the overall strength of an economic recovery.
According to preliminary calculations, the Dow fell 17.53, or 0.2 percent, to 9,771.91, after being down as much as 86 points. The Dow rose 77 points Monday following reports of improvements in manufacturing and housing.
