X - Here's Why Steel Stocks Erupted for Big Gains on Friday
Shares of major steel stocks rose as much as 13.7% on Friday after the United States and China announced that they had agreed to a partial truce in the trade war. The "phase one" agreement will take weeks to write out and won't be signed until November -- if it's signed at all -- but that didn't stop global investors from breathing a sigh of relief.
Shares of United States Steel Corporation (NYSE: X) finished Friday with a gain of 11.9% after rising as much as 13.7%. Meanwhile, shares of AK Steel (NYSE: AKS) jumped as much as 11.4% before ending the day with a gain of 9.4%. Shares of TimkenSteel (NYSE: TMST) jumped 9.9% before settling to a gain of 8.4% on the day.
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