Producers of metals and other raw materials surged as the Federal Reserve stoked anticipation of a "soft landing" for the U.S. economy.
Fed Chairman Jerome Powell noted that inflation had come down without causing a major disruption in the labor market.
Cyclical sectors started to rally after the Fed's "dot plot" showed that most committee members were anticipating three rate cuts in 2024.
U.S. wholesale prices were unchanged in November, even softer than the 0.1% increase economists had anticipated, in another sign of gradually easing inflation.
Cheaper gasoline gave a big assist to the benign inflation report, but prices in most major categories were also muted.
Miners of platinum metals are likely to face plummeting demand in the coming years, victim to the automotive industry's transition to battery-electric vehicles, warned analysts at brokerage Citi.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-13-23 1721ET
