Producers of metals and other raw materials rallied as stimulus legislation looked set to be signed into law.
A rotation out of the technology sector into sectors with more to gain from stimulus spending, including the materials sector, had slowed Tuesday. But the tech sector slipped again Wednesday as value sectors such as materials, energy and financials rose sharply.
Gold-mining giant Newmont agreed to buy the 85% of Canadian gold miner GT Gold it doesn't already own for about $311 million. Gold futures gave back some of Tuesday's gains as the dollar and Treasury yields remained relatively stable.
Copper futures continue to rise, and are now within 6% of multiyear highs in New York trading, a development some traders attribute to speculative fervor, given a mixed outlook for growth in key copper consumer China.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-10-21 1635ET
