Commodities rose, led by precious metals, on speculation that the Federal Reserve's steps to revive the U.S. economy will led to an increase in demand for raw materials as a hedge against inflation. Silver headed for the biggest gain since 1979.

Frank McGhee, head dealer at Integrated Brokerage Services LLC in Chicago, said:

We've got a massive increase in the Fed's balance sheet, and the markets are taking it to be both inflationary and as devaluing the dollar.

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