|Delayed - 11/24 07:41:09 am|
Materials Shares Rise Amid Strong Economic Data -- Materials Roundup
|10/29/2020 | 04:24pm|
Producers of metals and other raw materials rose as data showed the economy grew at a record pace in the third quarter.
Gross domestic product increased 7.4% over the prior quarter and at a 33.1% annual rate - recovering about two-thirds of the ground it lost earlier in the coronavirus pandemic. The increase in growth - the biggest jump in records dating to 1947 - followed a record decline earlier in the pandemic when the virus disrupted business activity across the country. That puts the economy about 3.5% smaller than at the end of last year, before the pandemic hit.
Gold futures ended lower for a second session, pressured by the U.S. dollar adding to its gains after the GDP data. Declines in the euro also contributed to strength in the dollar after the European Central Bank said it was prepared to "recalibrate" its monetary stimulus programs in December.
The World Gold Council, meanwhile, reported a decline in total demand for gold in third quarter to the lowest quarterly total in 11 years.
In earnings news, sales and earnings at global chemical company DuPont exceeded Wall Street estimates. Brazilian mining giant Vale said net income increased in the third quarter on the higher price for iron ore and as costs and spending related to the Brumadinho mining disaster declined from a year earlier.
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