Producers of metals and other raw materials rose slightly after the European Central Bank said it was expanding its bond-buying program.
Gold futures rose for the first time in four sessions as the dollar weakened against the euro and other currencies in response to the ECB stimulus. The precious metal has a strong inverse relationship with the greenback, although both strengthened during some periods of the Covid-19 pandemic.
Some analysts are warning that the run in cyclical stocks that has led the materials sector of the Standard & Poor's 500 close to breakeven for the year could soon hit a rough patch.
Chilean copper miner Antofagasta looks overpriced after a surge recently and could start to underperform, said analysts at brokerage Credit Suisse, in a research note.
Write to Rob Curran at rob.curran@dowjones.com
