An exchange-traded fund tracking metal and mining companies rallied on Friday, after the Commerce Department recommended tariffs on major metal imports. The SPDR S&P Metals & Mining ETF jumped 3.1% and extended its advance throughout the trading day. Thus far this week, it is up 12%, which is set to be its biggest one-week percentage gain since March 2016. The U.S. Commerce Department has recommended a 24% tariff on steel imports from all countries, and a 7.7% tariff on aluminum imports, among other options. President Donald Trump is required to make decisions on the recommendations in April. Among specific stocks, United States Steel Corp. surged 11% while AK Steel Holding Corp. advanced 11.5%. Nucor Corp. was 4.8% higher on the day, while aluminum maker Alcoa Corp. was up 3.4%. The Dow Jones Industrial Average rose 0.7% while the S&P 500 was up 0.6% and the Nasdaq Composite Index added 0.5%.
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