Producers of metals and other raw materials rose sharply after dovish comments from one Federal Reserve official.
The central bank is close to cutting interest rates but a move in the near-term is unlikely, said Philadelphia Fed President Patrick Harker.
Shares of gold miner Anglo American rose even as gold futures lingered near all-time highs, and despite a likely cut to the company’s dividend in the wake of a growth slowdown. In contrast, Newmont tumbled after the U.S. gold-mining giant divulged plans to divest assets and cut its dividend, as a new chief operating officer took the reins on day-to-day leadership.
Write to Rob Curran at [email protected]
(END) Dow Jones Newswires
02-22-24 1753ET
