27 May 2010 21:31 [Source: ICIS news]
HOUSTON (ICIS news)--US chemical stocks rose substantially on Thursday as the Dow Jones Industrial Average blew past 10,000, increasing by 285 points.
The Dow Jones closed at 10,259, up nearly 3%, following reports about China's central bank - which emphasised the importance of Europe in the nation's foreign-exchange reserves. The statement helped strengthen the euro.
Europe has struggled with a sovereign debt crisis in eurozone countries such as Greece.
Chemical stocks were particularly sensitive about developments in Europe, as the fortunes of the companies typically followed gross domestic product (GDP) growth and developments in the early stages of an economic recovery.
That recovery was threatened by the European debt crisis. Most chemical companies fell much further than the overall stock market.
When the stock market reversed, so did chemical companies.
Metal chemicals producer Quaker Chemical rose by 9.3%, the highest among the companies followed by ICIS.
Polyvinyl chloride (PVC) producer Georgia Gulf was among the few losers, falling by 2.7%.
Most companies rose much more than the Dow Jones. Arch Chemicals, Ashland, Methanex and NewMarket all rose by more than 7%.
Among the majors, Dow Chemical gained 5.8%. DuPont rose by 4.9%.
Industrial gasses producer Praxair gained 2.6% and fertilizer producer Potash Corp of Saskatchewan (PotashCorp) jumped 6.1%.Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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