U.S. Steel: Trump Giveth And Taketh Away
United States Steel Corporation (NYSE: X) shares are trading lower by $4.00 at $36.59 in Thursday's session. The issue, which has been one of best-performing stocks since President Donald Trump was elected, has nearly doubled from its closing price on November 9 ($20.96), to its highest close for the rally on Tuesday at $41.57.
The rally was based on Trump initiating huge improvements in his proposed budget for 2017, which should be a big boon to the company.
However, the reality of his plans coming to fruition was dealt a blow in today's session. The culprit being an Axios report that the Trump administration could push off his infrastructure spending plan until 2018.
The issue was hovering in the $40.00 handle when the story the hit tape around 10:00 a.m. Immediately, the issue went into a nosedive and is continuing at this very moment. So far, the ensuing decline has taken the issue to $36.66 and is not far off that level.
The decline erasing all of its gains accrued in it's last nine trading sessions as it climbed from it Feb. 9 close ($37.60), to north of $40.00. Now that he issue has surpassed its Feb. 10 low ($36.84), the issue has limited daily support levels until its Feb. 9 low of $34.55.
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