Materials Up After Vale Earnings, Budget Bill -- Materials Roundup

Features Dow Jones Newswires

Shares of commodities producers rose amid strong earnings and hopes that the passage of tax cuts in the U.S. would buoy demand.

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Brazilian mining company Vale, the world's biggest producer of iron ore, reported a surge in its third-quarter earnings, thanks to higher global prices for the steel raw material, particularly in premium form.

On Thursday, the House of Representatives adopted a budget, setting the stage for a debate on overhauling the U.S. tax system. Analysts said the narrow passage foreshadowed the challenges of forging a compromise between fiscal conservatives and populists in the Republican party on the tax issue.

The value of the dollar hit a three-month high, weighing on the price of gold, which closed at its lowest level since August.

Shares of newly merged chemicals giant DowDuPont rose after it reported earnings ahead of expectations.

-Rob Curran, rob.curran@dowjones.com

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(END) Dow Jones Newswires

October 26, 2017 17:04 ET (21:04 GMT)