Thursday, December 2, 2010

Freeport (NYSE:FCX), BHP (NYSE:BHP), Rio (NYSE:RIO), Vale (NYSE:VALE) Soar on Manufacturing Data

Diversified miners like Freeport McMoRan (NYSE:FCX), BHP Billiton (NYSE:BHP), Rio Tinto (NYSE:RIO) and Vale (NYSE:VALE) all moved up Wednesday as China appears to be ramping up manufacturing, as well as Britain.

Mining and metal stocks soared on the news, helped along by the drop in value of the U.S. dollar as the appearance something is going to be done in connection to the sovereign debt crisis in Europe offered support to the euro.

Companies with heavy exposure to iron ore and copper were lifted significantly on Wednesday based on manufacturing data and resultant assumptions.

Steel stocks by extension also did well, with ArcelorMittal (NYSE:MT), Nucor (NYSE:NUE ) and U.S. Steel (NYSE:X) closing higher. US Steel ended Wednesday at $50.29, gaining $1.68, or 3.46 percent. Arcelor closed at $33.22, up $1.54, or 4.86 percent. Nucor ended the trading session at $39.22, increasing $1.48, or 3.92 percent.

Freeport ended the day at $105.49, soaring $4.17, or 4.12 percent. BHP was up to $85.51, gaining $3.11, or 3.77 percent. Rio Tinto closed at $66.53, rising $2.40, or 3.74 percent. Vale rose to $32.84, up by $1.16, or 3.66 percent.

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