CHICAGO The natural resource sector led gains on the S&P 500 Thursday following the Federal Reserve’s announcement of a third round of quantitative easing. The Vanguard Materials ETF , an ETF that tracks natural resources, gained $ 2.09, or 2.5%, to $ 84.97 a share. Shortly after the Fed’s announcement, the fund hit an intraday high of $ 85.31, a 52-week high. Gains in the sector included Cliffs Natural Resources , up $ 3.12, or 7.7%, at $ 43.74 a share, and Lyondell Basell Industries , up $ 2.63, or 5.3%, to $ 52.25 a share.
Editor’s note: Outlook is CNNs in-depth look at business climates around the world. To August 12, 2012, we’re focusing on Singapore.Singapore – Singapore’s strategic position at the mouth of the Strait of Malacca – one of the world’s critical energy chokepoints – has always meant the resource-poor city state has occupied a special place in the world of geopolitics.Almost all of East Asia’s oil supplies must pass through the narrow shipping strait making Singapore one of the world’s busiest ports, but also vulnerable to shifts in the region’s energy mix.The recent unrest in the Middle East – which has some [...]