Producers of metals and other raw materials rose after strong economic-growth data quelled fears about demand.

Gross domestic product expanded at a 4.9% rate in the third quarter, more than double the second quarter pace, the Commerce Department reported. "The strong third-quarter GDP result reinforces the market tension between good data on the one hand and the prospect of higher rates and a more restrictive Fed on the other," said Brian Rose, senior U.S. economist at money manager UBS Global Wealth Management.

"That's likely to continue generating market choppiness until investors are confident that the economy is cooling but not collapsing and the rate shock is over."

Shares of gold miner Newmont rose despite a retreat in third-quarter net income, after the Denver company said its acquisition of Australian rival Newcrest Mining was set to close on Nov. 6. Gold futures continued their recent resurgence, and are now sporting a gain bigger than that for the broad S&P 500 stock index for the year to date. Gold typically lures investors in time of economic malaise or in time of war -- or, as in the case of 2023, both.

Vulcan Materials tumbled amid fears that economic growth would slow, despite the aggregate supplier's view that heavy-industrial activity would compensate for a slowdown in residential building, bringing earnings growth in 2024.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

10-26-23 1804ET