Producers of metals and other raw materials rallied amid hopes that the dollar had peaked against other currencies.
The dollar continued to lose ground ahead of results from the midterm elections and inflation data. The U.S. dollar index, which tracks the value of the greenback against a basket of rival currencies, is down by about 5% from a September peak.
Dollar-sensitive precious metals rallied. Gold futures rose to their highest level since early October, while silver futures hit a roughly five-month high. For multinational companies in a range of sectors, foreign exchange has weighed on profits recently, according to one brokerage.
"The strength of the U.S. dollar caught some companies off guard and dented their earnings," said analysts at brokerage Goldman Sachs Group, in a note to clients.
U.S. Steel and the United Steelworkers union struck a deal on a contract that would boost the hourly pay for about 11,000 union workers by 5% a year for four years.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-08-22 1639ET
