Shares of Freeport (FCX) Reverse and Turn Positive Amid Broader Market Weakness

April 7, 2009 10:37 AM EDT

Shares of Freeport-McMoRan (NYSE: FCX) have just rallied nearly 4% on pretty heavy volume. We are not hearing any company specific news that could justify such a momentous move. After gapping about 2% lower this morning, Freeport stock is now up about 2%, most recently trading at $42.54.

Notably, shares of Freeport have surged more than 171% since setting a new 52-week low at $15.70 in early-December.

The mining-giant, which is often used as a quick reference to the entire metals sector, is bucking its sectors trend this morning. Despite copper and gold prices which are moving higher today, the majority of the commodities complex is down with the broader averages. The Energy Select Sector SPDR ETF (NYSE: XLE) is currently down 2.2%, while the ProShares Ultra Basic Materials ETF (NYSE: UYM) is down 4%. Also, the SPDR Gold Trust ETF (NYSE: GLD), an extremely popular measure of gold prices, is up 1.3%.

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