Why Freeport-McMoRan Stock Rocketed 10% Higher at Today's Open

Shares of copper miner Freeport-McMoRan (NYSE: FCX) quickly gained 10% as the stock market opened on Friday. However, almost as quickly, that gain started to wane, with the stock up roughly 6% by 10 a.m. EDT, just a half hour later.

By 10:30 a.m. it was higher again, up about 8%. The initial bounce higher was likely related, to some degree, to copper prices, which were higher when the U.S. market opened for the day. By 10:30 a.m. or so, however, that gain was washed away while investors were still positive on Freeport.

As is so often the case of late, the more upbeat view on this stock was tied to an update on COVID-19.

Source Fool.com