Producers of metals and other raw materials rose on earnings, deal and interest-rate optimism.
Shares of Stelco rose after U.S. steelmaker and iron-ore miner Cleveland-Cliffs agreed to buy the Canadian steelmaker for about $2.5 billion.
Asked whether the central bank would cut rates at its July meeting, Federal Reserve Chair Jerome Powell declined to change expectations that it would hold interest rates steady. Most Wall Street strategists anticipate a September rate cut.
"Last week, inflation ticked another box for the Fed," said economists at brokerage Bank of America Global Research, in a note to clients.
Weak consumer-price inflation data "confirmed our thesis that we're on the path to Goldilocks [but] the big question in the market is 'is growth slowing too much?'"
Gold futures rose 0.7% to $2438.6 a troy ounce, just shy of the all-time record of $2448.80 an ounce.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
07-15-24 1715ET
