Producers of metals and other raw materials fell after President-elect Joe Biden's economic-stimulus plan was seen as leaving some major problems unsolved.
Mr. Biden unveiled a $1.9 trillion spending plan, but investors recoiled at the likelihood that the stimulus plan would trigger tax hikes. "The proposal carries a risk that its sheer size and scope will deter Republicans from participating in bipartisan negotiations," said strategists at money manager UBS Global Wealth Management, in a note to clients.
Gold futures retreated as concerns that the bill could drive higher taxes drove up the relative value of the dollar. Copper futures fell, but remain near their highest levels since 2013 amid bets that the industrial metal will benefit from U.S. infrastructure spending and China's rapid economic rebound.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-15-21 1634ET
