Producers of metals and other raw materials rose as traders rotated into cyclical sectors.
While the macroeconomic backdrop is not the markets nirvana known as a "Goldilocks" economy, most dynamics are favorable for economically sensitive sectors such as materials, said one strategist.
"The economy is doing well, inflation is coming down...it's still higher than you want, but we are making progress on that front and that's a positive," said Oliver Pursche, senior vice president at financial advisory Wealthspire.
"In particular rent and wage gowth are slowing, corporate earnigns are solid...so it's kind of tough to complain," said Pursche.
International Paper shares slipped after it declined to comment on a report that it's been approached by Brazil's Suzano S/A with an offer to buy the company for about $15 billion.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-08-24 1721ET
