NEW YORK (
) -- Mining and materials ETFs got a lift in Friday morning trading thanks to positive sentiment around the market's major steel players.
The SPDR S&P Metals and Mining Fund
ended up 2.83%, driven by strength in
are rising ahead of its earnings announcement on Monday. Meanwhile steel stocks are making strong gains as China's move to remove rebates on the exports of certain products is expected to benefit U.S. producers.
Select Sector Materials SPDR
was also up 2.29%. Besides having an exposure to Alcoa and the other steel majors, the ETF also has stakes in
, which is up 1.5% after gas and chemical maker
sweetened its bid for the company.
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With a 25% stake in
Johnson & Johnson
was trading in the negative. Johnson & Johnson is down 1.37% upon news of more product recalls.
iShares S&P GlobalHealth ETF
, which has an exposure to both Johnson & Johnson and
declined in morning trading but recouped some of its loss in the afternoon session. Glaxo is under pressure from the Food and Drug Administration, which is in the process of reviewing the safety of its diabetes pill, Avandia.
-- Reported by Shanthi Venkataraman in New York.
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