Basic Materials Stocks head into Monday near a 52-week high as metals jump again
Silver surged past $100 an ounce and copper futures jumped nearly 3% Friday, fueling gains in mining stocks. The Materials Select Sector SPDR ETF closed up 0.9% at $49.97, just below its 52-week high. Freeport-McMoRan rose 2.7% after beating profit forecasts despite lower output. Investors await the Fed’s Jan. 27-28 meeting and a wave of earnings reports next week.