Producers of metals and other raw materials rose after weak jobs data spurred bets that President Joe Biden's stimulus package would pass.
The U.S. economy added 49,000 jobs last month, a smaller-than-anticipated increase, and a sign that the winter wave of the pandemic took a toll on the jobs market after several months of a rebound.
President Biden said the jobs report indicated the economy was still in trouble, and once more exhorted legislators to act "big" on stimulus. The House approved a budget bill advancing President Biden's $1.9 trillion relief plan, as Mr. Biden met with top House Democrats and lawmakers dived into crafting the details of the relief package.
Dollar-sensitive gold and silver futures rallied in anticipation of a large stimulus package and associated debt diluting the dollar.
There's also speculation that day traders are trying to orchestrate a short squeeze in silver markets, although analysts say it will be a difficult feat to pull off.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-05-21 1651ET
