US stocks continued reaching new highs for the year on Wednesday, led by gains in financial firms and new industrial production figures, according to dpa. The Federal Reserve said industrial production climbed 0.8 per cent in August, which was better than expected and helped push General Electric and Alcoa higher. Financial stocks climbed more than 3 per cent on average. Consumer prices rose 0.4 per cent during August, the Labour Department said, signalling that inflation is remaining contained as the United States begins to recover from its worst recession in decades. Investors appear to be taking heart from indications that the global economy is recovering from recession. An index of world stock markets climbed to an almost one-year high. The blue-chip Dow Jones Industrial Average surged 108.3 points, or 1.12 per cent, to 9,791.71. The broader Standard and Poor's 500 jumped 16.13 points, or 1.53 per cent, to 1,068.76. The technology- heavy Nasdaq Composite Index shot up 30.51 points, or 1.45 per cent, to 2,133.15. The US currency fell to its lowest level in nearly a year against the euro, hitting 67.9 euro cents from 68.2 euro cents on Tuesday. The dollar also fell against the Japanese currency to 90.84 yen from 90.9 yen.
