Brazilian shares gained ground Thursday, although advances in resource shares were met with some resistance throughout the market. Meanwhile, Mexican equities fell, with results from a key survey that showed the U.S. economy will see slow growth through the next year.
Brazil's Bovespa rose 0.5% to 55,558.06, with energy and steel stocks the only sectors to post gains. The benchmark index surged 3.2% on Wednesday.
Petroleo Brasileiro (PBR) was among the top percentage gainer, up 3.6% as oil briefly hit above $122 a barrel, its highest level in more than two weeks. Its preferred and common shares make up 17% of the index.
Crude prices were lifted by a decline in the dollar, and as tensions between the U.S. and Russia escalated after the U.S. agreed to construct a missile- defense system in Poland.
Steel stocks extended strong advances from the previous session, with Gerdau ( GGB) up 2.7%, CSN (SID) higher by 1.4%, and iron-ore giant Companhia Vale do Rio Doce (RIO) up 2.4%.
The Reuters/Jefferies CRB Index (CRB), a measure of major commodity futures, rose 3.4%.
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