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Surging mining stocks end a slump on Wall Street

August 8, 2013 • Business


FILE -In this July 29, 2013, file photo, Trader John Santiago works on the floor of the New York Stock Exchange. Solid Chinese trade data underpinned most global stock markets Thursday, Aug. 8, 2013 though Japanese shares underperformed for the second day running as the yen rallied again.(AP Photo/Richard Drew, file)

NEW YORK (AP) — Miners and other companies dealing in commodities helped pull the stock market out of a three-day slump on Thursday.

News that China’s trade rebounded last month signaled the end of a six-month slowdown for the world’s biggest buyer of raw materials. The report drove prices up for copper and other commodities, and that helped lift Newmont Mining, Freeport-McMoRan and other stocks in the materials industry.

“The one thing that stands out today is the better news out of China,” said David Joy, the chief market strategist at Ameriprise Financial. “It comes as a pleasant surprise.”

The Standard & Poor’s 500 index edged up 6.57 points, or 0.4 percent, to 1,697.48.

The Dow Jones industrial average rose 27.65 points, or 0.2 percent, to 15,498.32. The Nasdaq composite gained Login to read more

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