Stock Market Update

[BRIEFING.COM] The major averages trade in a steady range an hour before midday. 

The materials sector (+0.8%) continues to be one of the best-performing S&P 500 sectors amid a continuation of the blistering rally in precious metals and copper. Gold futures are up $110.40, or 2.2%, at $5090.10/ozt; silver is up $10.59, or 10.50%, at $111.92/ozt, and copper has climbed $0.05, or 0.90%, to $6.00/lb.

Freeport-McMoRan (FCX 62.93, +2.52, +4.17%) is the best performer in the sector, approaching its record high from 2008 (63.62). Meanwhile, Newmont Corporation (NEM 128.21, +3.90, +3.14%) has risen to a fresh record high of its own