Producers of metals and other raw materials rose as traders bet the reopening of China's economy would boost demand for industrial metals.

Brazilian miner Vale stands to benefit from a rosy outlook for iron-ore prices, said analysts at brokerage Jefferies, in a note to clients. Commodity volatility fueled by the war in Ukraine generated a $7 billion annual profit for trading house Trafigura Group.

New jobless claims rose by 4,000 to a seasonally adjusted 230,000 last week, the Labor Department said. One economist said the number of out-of-work job seekers, as measured by continuing claims, is accelerating.

"It's not just the yield curve -- continued jobless claims are now sending a clear recession signal, too," said Bill Adams, chief economist for Comerica Bank, in e-mailed commentary. 


 Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

12-08-22 1706ET