U. S. stocks climbed, extending a global advance that sent the MSCI World Index to the highest level in almost a year. Commodities gained amid speculation the economy has returned to growth. Crude oil topped $72 a barrel, and natural gas soared 13 percent. Gold rose to a record close as the dollar slid to its weakest against the euro in almost a year. The dollar slid 0.5 percent to $1.4729 per euro from $1.4658 yesterday. It reached $1.4737, the weakest level since Sept. 25, 2008.

Crude oil rose after the U. S. Energy Department reported that inventories dropped to the lowest level since January.

Federal Reserve Chairman Ben S. Bernanke, who yesterday said the U. S. recession probably has ended, may have to accept a slow recovery and high unemployment as the price for defending his inflation? fighting credentials. An economist at JPMorgan Chase & Co in New York said "Both aspects of their dual mandate for growth and inflation will have suboptimal outcomes, but they can't do anything to speed things up because of concerns about inflation credibility." Asian stocks rose as commodity prices jumped and Japanese steelmakers prepared to restart idled production facilities, bolstering speculation a global economic recovery will revive corporate earnings.

Nippon Steel Corp., the world's No. 2 producer of the alloy, rallied 4.4 percent after saying it will reopen a furnace. Nissan Motor Co., which gets 34 percent of its revenue in North America, jumped 3 percent after U. S. industrial production increased more than forecast. Bank of Japan policy makers will probably hold the benchmark interest rate near zero today and maintain emergency lending programs as it seeks to strengthen the economy's recovery. Governor Masaaki Shirakawa and his colleagues will keep the overnight lending rate at 0.1 percent, according to all 23 economists surveyed by Bloomberg News.

U. S. Steel Corp. asked the U. S. Commerce Department to impose dumping and anti? subsidy duties of as much as 90 percent on some Chinese steel pipe imports, days after the Obama administration set tariffs on Chinese tires. The petition was filed with the U. S. International Trade Commission against $400 million in imports of pipes used in chemical, petrochemical, refineries and related operations

The complaint is "not good news," a Chinese Ministry of Commerce spokesman said today. "Once you give in to trade protectionism, it will only provoke more such actions," said the spokesman, who declined to be identified by name.