Why Energy Fuels Stock Rocketed 20% Higher Today
Uranium miner Energy Fuels (NYSEMKT: UUUU) received a major boost to its stock on Friday from one of the most powerful market movers lately -- President Donald Trump.
On news that Trump signed a set of executive orders hastening the development of the nuclear energy industry, a clutch of sector stocks rose dramatically. Since uranium is the fuel of choice for nuclear power generation, Energy Fuels stock was swept up in the rally and closed Friday 20% higher. That was miles ahead of the S 500 index, which landed in the red with a 0.4% drop.
Demand for power in the U.S. is rising steeply, not least because of the resource-heavy requirements of artificial intelligence (AI). Addressing this need is a priority for the president's administration, as strongly evidenced by his declaring an energy emergency on the first day of his current term in office.
Source Fool.com
