insto - Australian financial markets

US stock markets returned from the Labor Day break on a positive tone while investors shunned the dollar and embraced gold and oil.

The S&P500 index gained 0.9 per cent as the rise in metals prices brightened the profit outlook for firms such as Alcoa and Chevron. Also boosting stocks were comments from the IMF that the crisis phase is ‘almost certainly behind us’.

Credit spreads improved in volatile day for stocks. Equities had a remarkably confused day. The Dow Jones index crossed the ‘no change’ mark 82 times throughout the session before ending in positive territory.