Material Stocks Rip Higher as China Unleashes the Dogs on War on Slowing Growth (X) (FCX) (AA)
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Materials companies are performing well heading into the close of trading on Friday. Shares of Freeport-McMoRan (NYSE: FCX) and United States Steel (NYSE: X) are higher by over 8 percent, and shares of aluminum company, Alcoa (NYSE: AA), are higher by 3.4 percent.
Today’s performance is directly related to an announcement by China’s government that it has approved $157B in infrastructure spending. Investors hope the projects will create demand for industrial commodities like copper, steel, and aluminum. The announcement also gave a boost to stocks in Hong Kong, which moved higher on hopes that these stimulus efforts would result in reversing a slowdown in the country and create jobs.
Today’s performance is directly related to an announcement by China’s government that it has approved $157B in infrastructure spending. Investors hope the projects will create demand for industrial commodities like copper, steel, and aluminum. The announcement also gave a boost to stocks in Hong Kong, which moved higher on hopes that these stimulus efforts would result in reversing a slowdown in the country and create jobs.
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