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THE NEW YORK REPORT

A broad US stocks rally sent the Dow industrials to a 13-month high last night, after the Group of 20 pledged to keep aid flowing to the world economy, strengthening investors&rsquo; desire for risk.<br /><br />The agreement by G20 finance ministers and central bankers over the weekend to keep stimulus in place boosted global stocks on the expectation of prolonged low interest rates.<br /><br />The US dollar briefly fell to a 15-month low, bolstering commodity prices and materials stocks. <br /><br /><strong>Freeport MacMoRan Copper &amp; Gold</strong> shares shot up 4.6 per cent to $83.20 and the S&amp;P materials sector index gained 3.2 per cent.<br /><br />&ldquo;Central banks around the world are continuing to prop up the economy and support risk taking. There&rsquo;s very little regard for valuation,&rdquo; said Jack Ablin, chief investment officer of Harris Private Bank.<br /><br />&ldquo;It looks to me like a pure risk rally and it is consistent with the G20 comments.&rdquo;<br /><br />Shares of chipmakers rose sharply, with the PHLX semiconductor index up 3.2 per cent, the largest increase it has seen in around a month. And yesterday, <strong>Wells Fargo</strong> raised its 2010 growth projection figures for chipmakers. <br /><br />Among chipmaker shares, <strong>Applied Materials</strong> rose 5.2 per cent to $12.98 on Nasdaq and Micron Technology shot up 6.1 per cent to $7.51 on the New York Stock Exchange.