Why Steel Stocks Went Straight Up Today
At approximately 10 p.m. Eastern Wednesday night, Russian military forces launched an all-out assault on their neighbor Ukraine. Calls for economic sanctions by the West were immediate -- and they're having an immediate effect on the prices of publicly traded steel stocks today.
As of 2 p.m. ET, shares of United States Steel Corporation (NYSE: X) had surged 9.6%, European steel giant ArcelorMittal (NYSE: MT) was up 10.7%, and Cleveland-Cliffs (NYSE: CLF) -- which used to be AK Steel and Arcelor in the U.S. -- was up 9.7%.
All of which makes sense.
Source Fool.com
