Producers of metals and other raw materials rallied, as traders rotated back into the cyclical sectors hardest hit in the recent selloff, betting that fears of a global recession are overdone.
Former Federal Reserve Chairman Ben Bernanke said he thinks the Fed will be successful in containing inflation, saying rate hikes should succeed in slowing price increases during the next two years.
A weaker dollar buoyed gold futures, which rose for the third straight session and settled around $1847 an ounce.
Russian mining company MMC Norilsk Nickel said there was no material impact on its sales of palladium and nickel from sanctions and maintained its production target for 2022.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-23-22 1728ET
