Why Alcoa, Chevron, and Freeport-McMoRan Stocks Sizzled on Friday
Commodity stocks flew high on Friday, with some even clocking double-digit percentage gains during the day. Some of the biggest gainers included Alcoa (NYSE: AA), Chevron (NYSE: CVX), and Freeport-McMoRan (NYSE: FCX). At their highest points in Friday trading as of 1 p.m. ET, these stocks had rallied 15.8%, 3%, and 6.8%, respectively.
Two C's drove Friday's rally in these stocks: China and commodity prices. And chances are, this rally could last longer than you might expect.
China's zero-COVID policy has dealt a heavy blow to the economy and investor sentiment in recent months. With a property crisis hurting the real estate sector and COVID curbs hitting manufacturing activity, China's appetite for commodities dried up too.
Source Fool.com
