Dollar down

The dollar dropped to the lowest level this year against the euro as the prospects for an eco nomic recovery spurred a rally in global stocks, helping to push gold above $1,000 an ounce intraday and oil to more than $71 a barrel.

Less credit

US consumer credit fell by a record $21.6 billion, or 10 percent at an annual rate, to $2.5 trillion, in July according to a Federal Re serve report. Credit dropped by $15.5 billion in June, more than previ ously estimated. Credit fell for a sixth month, the longest series of declines since 1991.

Hedge funds

Hedge funds lured $4.5 billion in August, double the net inflows the previous month, as more than half the re porting funds attracted new capital, according to Singapore-based Eu rekahedge.

GE gains

GE rose the most since July in New York trading after JPMorgan Chase raised its rating to “over weight” from “neutral” saying the stock may be the “last of the low-ex pectations plays.” GE rose 63 cents, or 4.5 per cent, to $14.50. The shares earlier rose 5.9 percent, the biggest in traday gain since July 30.

Neiman loss

Neiman Marcus posted a much wider net loss, hurt by a steep decline in demand for expensive merchandise in the recession. The company’s net loss was $168.5 million in the fis cal fourth quarter that ended Aug. 1, compared to a net loss of $35.6 million a year ago.