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U.S. stocks rise as financial shares erase earlier steep losses, and gold and oil hit record highs. U.S. stocks rallied on Thursday (March 13) after a major credit rating agency said the end to subprime-related write-downs is in sight, while gold and oil both hit record highs. Standard & Poor's said write-downs for large financial institutions are likely past the halfway mark, soothing investors' anxiety about the latest credit market fallout and increasing the allure of riskier assets. The Dow Jones industrial average gained 35.50 points, or 0.29 percent, to 12,145.74. The Standard & Poor's 500 Index increased 6.71 points, or 51 percent, to 1,315.48. The Nasdaq Composite Index rose 19.74 points, or 88 percent, to 2,263.61. The rebound in U.S. stock prices came as oil and gold set new records, driven outside by speculative buying by a sour outlook on the U.S. economy. Gold shot past 1,000 U.S. dollars for the first time as oil rose to 111 U.S. dollars a barrel, the seventh straight record in as many trading days. U.S. crude settled at 110.33 USD. "Oil and gold are commodities, global commodities, that happen to be priced at dollars. So when the dollar loses value, their dollar price rises to compensate. That's one thing that's happening. The other is, there is an ongoing fear that the United States has lost control of its financial situation. I think that's overstated, but that's the fear, and as a consequence, money is flowing into oil and gold and other commoditi...