Why U.S. Steel Stocks Were Soaring Today
U. S. Steel(X) The Motley Fool·2024-11-07 05:48
A Trump victory could mean higher tariffs on foreign steel, with a key merger in limbo.Shares of U.S. steel stocks U.S. Steel (X 8.27%), Cleveland Cliffs (CLF 20.07%), and Steel Dynamics (STLD 13.76%) were rallying on Wednesday, up 8.2%, 20.1%, and 13.8%, respectively, on the day.It wasn't hard to figure out the reason for the rallies, as investors appear to believe the reelection of Donald Trump will be great news for steel stocks due to his penchant for tariffs and lower corporate taxes. Additionally, a p ...