Steel Stocks Surge in Morning Session
Steel stocks, which have been destroyed over the past two weeks, are building upon yesterday's gains in today's early action.
Shares of United States Steel (NYSE: X), which have lost 26% over the past 14 sessions, are currently trading up 2.7% from yesterday's close to $31.40. The stock had recently dipped below $30 for the first time since July 13, 2009. The company is known for its huge price swings, usually consisting of consecutive, multiple-day moves. Shares are currently trading 23% lower than their 50-day simple moving average (one year daily chart).
Shares of Arcelor Mittal (NYSE: MT), which have lost 29.5% over the past 14 sessions, are currently trading up 2.6% from yesterday's close to $23.01. The stock is currently trading 26% lower than its 50-day simple moving average (one year daily chart).
Nucor (NYSE: NUE), which has seen its shares drop 14.6% over the past 14 sessions, has been one of the strongest steel names throughout the recent turmoil. The stock is currently trading up 1.9% from yesterday's close to $34.67. Shares ran into some selling pressure upon the open, but have bounced back to near intraday highs.
