Mining and Materials Stocks Get a Boost from Falling Dollar, Strong Outlook - DJN (XME, VALE, FCX, X)
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Materials and mining stocks are getting a boost up as prices in commodities are rising on the falling dollar, a Dow Jones News report said today. In addition, Brazilian steel giant Vale SA (NYSE: VALE) CEO Roger Agnelli added a boost of his own by saying that there may be a shortage of high-quality iron ore in 2010 with China and Asia in the cockpit and the U.S. riding passenger. The CEO added, "if it's needed, and there's a shortage, then you'll have to pay."
Freeport-McMoran Copper & Gold (NYSE: FCX) and Newmont Mining Corp. (NYSE: NEM) both are being sustained on copper prices rising on talks of a strike.
Allegheny Technologies (NYSE: ATI) and U.S. Steel Corp. (NYSE: X) both posted 52-week highs. ATI reached $44.36, a 4.2% gain, and U.S. Steel hit $54.90, a 3.4% spike.
As the materials move, so shall the ETF, and the SPDR S&P Metals & Mining (NYSE: XME) is not exception. The ETF is up 2.8% to $1.42 in late afternoon trading.
Freeport-McMoran Copper & Gold (NYSE: FCX) and Newmont Mining Corp. (NYSE: NEM) both are being sustained on copper prices rising on talks of a strike.
Allegheny Technologies (NYSE: ATI) and U.S. Steel Corp. (NYSE: X) both posted 52-week highs. ATI reached $44.36, a 4.2% gain, and U.S. Steel hit $54.90, a 3.4% spike.
As the materials move, so shall the ETF, and the SPDR S&P Metals & Mining (NYSE: XME) is not exception. The ETF is up 2.8% to $1.42 in late afternoon trading.
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