Shares of commodities producers fell amid fears that credit issues in China would weigh on metals prices. Copper, zinc and -- most pronouncedly -- nickel prices fell after credit-assessment firm S&P Global Ratings downgraded China's credit rating for the first time since 1999 on concerns over growing debt in the key market for industrial metals. Meanwhile, shares of U.S. Steel and Arcelor Mittal declined after analysts at brokerage Cowen cut their ratings on the steel makers, saying steel prices would fall if the recent increase in Chinese demand tapers off. Gold futures rose as traders sought out safe havens. "The market is focused on geopolitical tensions with North Korea," said Quincy Krosby, chief market strategist with Prudential Financial. "Gold has gotten a bid and the 10-year Treasury yield has come in a bit as well as the tensions have escalated."
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(END) Dow Jones Newswires
September 22, 2017 16:26 ET (20:26 GMT)