Why Nucor Shares Are Jumping This Week
Shares of Nucor (NYSE: NUE), a stock in the typically stodgy steel sector, are off to the races this week. Nucor shares are up 10% heading into Friday's trading session, according to data provided by S&P Global Market Intelligence.
North America's largest recycler and leading steelmaker announced some new growth plans last week, but that's likely not the only reason the stock is on track to jump by double digits this week.
Nucor is in a cyclical sector, and its shares have themselves cycled several times just within this year. When the share price approached $103 last week, it hit a level not seen since January. That seems to have been a level where investors decided it was time to buy. And the company itself may have been among those buyers.
Source Fool.com
