The technology-heavy Nasdaq Composite Index reached its highest level since mid-January Thursday as lower oil prices boosted U.S. stocks. The Nasdaq benefited from increases in the shares of computer chip manufacturers and gained 9.94 points, or 0.48 per cent, to 2,097.8. The U.S. Labour Department said Thursday that labour costs rose more than expected, leading experts to believe that the Federal Reserve is likely to continue its policy of measured interest rate increases. "For the market to put in a good advance here, we need an abatement in one of two factors," Norm Conley with JAG Advisors told the Bloomberg financial news agency. "One is the question of the Fed and how much they are going to increase rates and the other is commodity prices, particularly oil." Crude oil for July delivery fell 1.8 per cent to 53.63 dollar a barrel in New York. The blue-chip Dow Jones Industrial Average inched up 3.62 points, or 0.03 per cent, to 10,553.49. The broader Standard & Poor's 500 Index added 2.07 points, or 0.17 per cent, to 1,204.29. On currency markets, the dollar fell against the euro, closing at 81.466 euro cents from 82.159 euro cents on Wednesday. The U.S. currency also dropped against the Japanese yen, dipping to 108.24 yen from 108.83 yen on Wednesday. Gold soared 5.05 dollars, trading at 420.4 dollars per fine ounce. --SP 2356 Local Time 2056 GMT
