DNN - Why Shares of Uranium Energy Cameco and Energy Fuels Are Powering Higher Today
2023-06-01 14:40:29 ET
On a bullish day for markets -- the S&P 500 and Dow Jones Industrial Average are both up more than 0.3% -- uranium stocks are soaring. Besides the debt ceiling deal that seems on track to reach President Joe Biden's desk in the coming days, a new documentary film that espouses nuclear power is helping to propel uranium stocks higher.
As of 1:58 p.m. ET, shares of Uranium Energy (NYSEMKT: UEC) are up 12.4%, while shares of Cameco (NYSE: CCJ) and Energy Fuels (NYSEMKT: UUUU) have climbed 10.7% and 9.4%, respectively. Denison Mines (NYSEMKT: DNN) is also riding higher, up 10.2%.
With the debt ceiling deal, otherwise known as the Fiscal Responsibility Act of 2023, clearing the House of Representatives yesterday, nuclear power-focused investors feel motivated to click the buy button on various uranium stocks. What's the connection? The Fiscal Responsibility Act maintains the provisions set forth in the Inflation Reduction Act -- something that Republicans had sought to repeal during the debt ceiling deal negotiations.
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Why Shares of Uranium Energy, Cameco, and Energy Fuels Are Powering Higher Today