Producers of metals and other raw materials rallied amid optimism about global economic growth.
The International Monetary Fund boosted its outlook for global economic growth to 2.9% this year, up from its October projection of 2.7%.
Readings of Chinese manufacturing and consumer activity revealed a sharp increase in activity following the cessation of the "zero Covid" policy.
One strategist said activity in raw materials and industrial groups is accelerating even as other parts of the U.S. economy struggle.
"It looks like two different economies -- the consumer economy: housing, retail, auto and all that stuff is slowing down, the industrial side of the economy...that part of economy is holding up better," said Eric Marshall, president of mutual-fund firm Hodges Capital.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-31-23 1659ET
