Producers of metals and other raw materials rose as gold futures hit a nine-year high and the dollar weakened against other currencies.
"It's obviously a bet that while coronavirus cases continue to rise, the deaths are less and less, allowing reopenings to continue," said Oliver Pursche, an independent market strategist.
"I think there's a whole lot of wishful thinking happening as it pertains to vaccines and as it pertains to the economy."
Investors are hedging on the course of the pandemic by buying precious metals futures. Gold futures rose by $21.70 per troy ounce, or 1.18% to $1864, the highest level since 2011, as the dollar continued to weaken against major rivals.
Silver futures rose 7.4% on the session, the biggest daily gain since 2013. Dutch paints maker Akzo Nobel said net profit for the second quarter beat expectations, but fell 44% on year, hit by the coronavirus pandemic, and that it expects a continued impact from the pandemic in the second half.
Write to Rob Curran at rob.curran@dowjones.com
