Producers of metals and other raw materials fell sharply as the dollar gained as part of a new wave of market volatility.
The dollar rose by roughly 0.5% against a basket of currencies as foreign-exchange investors worldwide piled into the greenback, fearful of the first wave of volatility since the presidential election. Gold futures, which are particularly sensitive to moves in the dollar, fell for the fifth straight session.
"I think this is a correction developing," said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund, who is betting against the U.S. stock market in anticipation of further volatility.
"This is probably the beginning of the first ... of a series of corrections and rallies that lead to a final top."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-27-21 1656ET
