DENVER (AP) -- Shares of coal and copper mining companies jumped Wednesday as investors found the potential for good news in an expected Chinese economic stimulus package.
A legislative meeting starts Thursday in China where government leaders will discuss how to expand growth rates that have been dragged down by the global economic downturn.
Investors are hoping China, the world's third-largest economy, can help pull the world out of recession by reviving its own growth and demand for imports.
China "really wants to boost employment," Friedman Billings Ramsey analyst Luther Lu said in a telephone interview. "Hopefully, this will pull the entire commodity resource sector up."
Oil and copper also rose Wednesday, and Jefferies & Co. analyst Michael Dudas noted China's actions affect nearly every commodity. "With these stocks being so under pressure ... you're getting a nice bounce back," he said. more...
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