Materials Shares Higher on Strong Metals Prices -- Materials Roundup

Features Dow Jones Newswires

Shares of mining companies and other commodities processors moved higher after strong earnings from a sector giant.

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U.S. Steel's third-quarter net income more than doubled from a year earlier on higher prices and improved operations at its mills. Shares of the Pittsburgh-based steelmaker rose 8% as it beat analysts' sales and profit expectations for the quarter.

Shares of mining companies also climbed, boosted by rising metals prices.

Freeport-McMoRan advanced 3%.

Gold prices edged higher after the Federal Reserve left short-term interest rates unchanged but signaled it could raise them before year's end.

Nickel prices rose to their highest level in more than two years, driven by expectations of rising demand for electric and hybrid vehicles.

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Write to Amy Pessetto at amy.pessetto@wsj.com

(END) Dow Jones Newswires

November 01, 2017 17:32 ET (21:32 GMT)