Producers of metals and other raw materials rose, with the materials sector of the S&P 500 rebounding into positive territory for the year to date, as weak labor-market data eased rate fears.
“The [stock market] downside of September was primarily driven by investors recognizing that the Fed is not going to lower interest rates any time soon,” said Oliver Pursche, senior vice president at financial advisory Wealthspire.
“But also, at the same time, reconizing that the ever-approaching recession that evyerone’s been talking about being right around the corner for the last two years is still nowehere near.”
Excluding a brief spike at this time last year, the U.S. dollar is trading at the highest level against a basket of rivals in decades.
Gold futures, which are particularly sensitive to moves in the dollar, fell for the eighth consecutive session.
Lithium mining start-up Lithium Americas completed a split into two companies, spinning off Lithium Americas Argentina to shareholders.
Write to Rob Curran at [email protected]
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