Why United States Steel Stock Rocketed 18% Today
Share of steelmaker United States Steel (NYSE: X) rose a dramatic 18% on Wednesday. By 1 p.m. EST, the stock was still clinging to a gain of 17%. The advance was largely tied to political events.
On Tuesday, Georgia held runoff elections for two Senate seats. The outcome will ultimately determine which party controls the Senate. It appears today that the two Democratic candidates will likely win, which should make it easier for the incoming administration to get its legislative priorities passed into law. Infrastructure spending is expected to be one of those priorities.
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Source Fool.com
