Producers of metals and other raw materials rose amid anticipation that the Biden Administration will pass some form of its proposed $2.25 trillion infrastructure spending bill.
The SPDR Select Sector Materials exchange-traded fund, which tracks the performance of the materials industry group on the Standard & Poor's 500, hit its highest level of the year.
Copper futures, which had risen sharply in anticipation of a bump to demand from infrastructure legislation, have eased in recent sessions, however.
"It's more 'buy the rumor, sell the news,' and the news was really yesterday," said Randy Warren, chief investment officer at the Warren Safer-Equity Fund.
Stocks such as construction-aggregates quarry firm Vulcan Materials have run up by 10% or more on the year to date, in anticipation of an infrastructure bill, according to Mr. Warren. Until such time as a bill nears passage, however, the run for many "infrastructure plays" appears to be over, he said.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
04-01-21 1627ET
