Shares of miners and other commodities producers rose after the dollar hit its lowest level against a basket of currencies in three months. The dollar's upward run has hit a wall recently amid skepticism that the Federal Reserve would stick to its rate-hike program. Investors have increasingly taken a "believe it when they see it" approach to rate hikes, said Jeffrey Pavlik, founder of hedge fund firm Pavlik Capital Management. The price of gold, which is particularly responsive to moves in the dollar, hit its highest level in 13 months. Texas-based Commercial Metals said it plans to pay $600 million in cash for the U.S. steel-reinforcing-bar assets of Brazil's Gerdau, adding four mills and 33 fabrication plants to produce the construction material known as "rebar."
-Rob Curran, email@example.com
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(END) Dow Jones Newswires
January 02, 2018 16:24 ET (21:24 GMT)