Nevertheless, some warned that the recent gains could be short-lived as the weakness in the U.S. dollar may not last.
“I’m looking for a pullback here, I think it’s going to settle in a little bit,” David Seaburg, head of equity sales trading at Cowen, said on CNBC. “I think this spike is really predicated mostly on dollar weakness and hedge-fund short-covering here.”
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Max Chen contributed to this article.