Producers of metals and other raw materials rose as investors rotated into sectors associated with "value" and "cyclical" qualities.
The dominance of technology stocks in recent years reflected their earnings growth prospects, which are no longer far superior to those of cyclical sectors, given the likelihood of a broader economic rebound this year, said Brent Schutte, chief investment strategist with Northwestern Mutual Wealth Management.
A weaker dollar buoyed the value of some metals, including copper. The pound rallied against the dollar and euro after the governor of the Bank of England shot down suggestions that the central bank would pursue negative interest rates.
Gold futures retreated, however, amid doubts about the outlook for further fiscal stimulus.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-12-21 1653ET
