Materials Shares Down, But Gold Up, as Fed Weighs on Dollar -- Materials Roundup
Shares of mining companies and other commodities processors gave back some of Wednesday's gains, but there were pockets of strength. Metals prices rose as the dollar weakened against other currencies on the strength of the Federal Reserve's relatively dovish comments. The central bank alleviated worries that it was accelerating its growth-increase plans by sounding cautious notes in its policy statement. Gold futures, which are particularly sensitive to moves in the dollar, closed at a two-week high. Anglo American rose as investors digested reports that Vedanta Resources Chairman Anil Agarwal is buying a 12% stake in the mining company through a family trust.
(-By Rob Curran, [email protected])