Why Wheaton Precious Metals Zoomed 11% Higher Today
Its favorite commodities staged a surprise Hump Day rally.
Overview
Precious metals staged quite an impressive price rebound on Wednesday. As often happens in such situations, the prices of stocks tied to the commodities rallied in sympathy. That was excellent news for Wheaton Precious Metals (NYSE: WPM) investors, as their stock rose by more than 11% across that trading session.
This was the dictionary definition of a top-down rally. That's because it was prompted by the Federal government (specifically the Treasury Department) announcing that it would at least double its long-term bond repurchases to $4 billion or more per operation from the current $2 billion.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.