Big Day for U.S. Steel Corp, up 22%
Submitted by Frank Lara Jr on Mon, 12/08/2008 - 13:48.
Last week was horrible on Steel stocks, but today, U.S. Steel Corp (NYSE:X) and others like AK Steel (NYSE:AKS) are up 20%+ thanks to Obama hopes and plans.
However the consensus is this could be a short fueled rally for Steel stocks. As Wall St. Nation pointed out last week the outlook is bleak for steel makers and inventories are too high.
President-elect Obama's infrastructure spending package may help induce economic recovery and increase industrial output, both of which would be good for U.S. Steel and other steel stocks.
More from Bloomberg.com on today's moves in steel stocks:
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