NEW YORK—Metals and energy prices moved higher Thursday, buoyed by a surge of buying in the stock market.

Many traders took the rise in stocks as a sign that some optimism about the economy had returned to the market, which benefited economically sensitive commodities like oil and copper.

Stocks rallied as a handful of companies reported upbeat earnings reports. Investors also applauded steps by the Federal Reserve to remove a number of emergency lending programs it launched last fall, indicating some healing in the financial system.

As the Dow Jones industr...

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