Producers of metals and other raw materials rose as traders bought back into cyclical sectors, feeling more sanguine about the economic outlook.
"We don't think all that much changed, just because the unemployment jobs numbers picked up a little bit," said Eric Marshall, president of Dallas mutual-fund firm Hodges Capital. "If we got a 4.5% unemployment rate [a few] years ago, we would have done back flips over that ... while every data point is meaningful no one data point could justify the dramatic 10% decline (seen) in the Russell 2000, or the 10% decline in the Nasdaq Composite."
Analysts at brokerage Jefferies said ArcelorMittal is well placed to benefit from a potential rebound in European steel prices in 2025.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-06-24 1742ET
