Why U.S. Steel Stocks Were Soaring Today
Shares of U.S. steel stocks U.S. Steel (NYSE: X), Cleveland Cliffs (NYSE: CLF), and Steel Dynamics (NASDAQ: STLD) 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 potential acquisition of U.S. Steel, which had been in limbo for a while, may perhaps get a second look -- then again, maybe not.
Trump has long been a proponent of helping U.S.-based manufacturing industries through the use of tariffs on imports. Furthermore, during this campaign, Trump also proposed lowering the corporate tax rate to 15%, down from the 21% to which it was already lowered during his last administration.
Source Fool.com
