10 October 2011 22:09 [Source: ICIS news]
HOUSTON (ICIS)--North American chemical stocks rose sharply on Monday as the Dow Jones Industrial Average gained 330 points.
The index closed at 11,433.18, up 2.97%.
The Dow Jones Industrial Average rose after France and Germany said they should have a plan developed in three weeks that will address Europe's sovereign debt crisis, Bloomberg reported.
US stock markets opened sharply higher and never lost their gains. Stocks rose further in the final minutes of trading.
Chemical stocks rose even higher than the overall market, with the Dow Jones US Chemicals Index rising 4%. Nearly every company followed by ICIS rose.
Butadiene producer TPC Group was the biggest winner, rising nearly 12%.
Metal chemicals producer Quaker Chemical and polyvinyl chloride producer Georgia Gulf both rose by more than 7%.
Many companies rose by more than 5%, including catalysts producers Albemarle and WR Grace; specialty chemical producers Chemtura, Ferro and Rockwood Holdings; acetyls producer Celanese; polyolefins producer Westlake Chemical; and refiner Valero Energy.
Sulphuric acid producer Chemtrade Logistics was the only loser. Its stock fell by less than 1%.
Among the majors, DuPont rose by 3% and Dow Chemical rose by 6%.
Fertilizer producer PotashCorp rose by 5%, and industrial gases producer Praxair rose by 4%.
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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