The EconomyOver the weekend, China's central bank said it will begin to rely more on a basket of currencies including the U.S. dollar to establish the exchange rate for the
Company NewsAlcoa ( AA) was the Dow's top performer as the basic materials sector got a boost from China's decision to gradually revalue its currency. General Electric ( GE) and American Express ( AXP) were other top gainers. Merck ( MRK), Microsoft ( MSFT) and Home Depot ( HD), meanwhile, were among the handful of components trading in negative territory and leading the Dow lower.
Commodities and the DollarCrude oil for July delivery closed up by 64 cents, to trade at $77.82 a barrel. Elsewhere in commodity markets, the August gold contract settled $17.60 lower at $1,240.70 an ounce. The dollar was trading higher against a basket of currencies, with the